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Research Special Reports Gold-Forex Correlations: Gold Caught in Own Price Action on US Cliff, EU Improvements

After a volatile week, major FX pairs were unchanged while gold took a unilateral and substantial dive on Wednesday, rumored to be because of a “fat-fingered” trade. Gold performance during the latter half of the week was also unimpressive, weakening correlations with key FX pairs across the board. The lack of clear correlations may also attest to the yellow metal being caught between risk negative developments of the US fiscal cliff standoff and improving state of the European debt crisis.