Gold pushed above its settlement in afternoon trading on Tuesday, pushing toward $1,350, a day after the metal had its strongest one-day rally in more than a year.
With a lack of U.S. economic news, the metal moved in a narrow $11 trading range following its 3 percent gain on Monday, when it hit a one-month high and vaulted back over a technical threshold at $1,300 an ounce.
Liquidation continued from gold-backed ETFs, with outflows in the gold funds tracked by Reuters totaling 10 tons on Monday.
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The world's largest, the SPDR Gold Trust, reported a 1.2 ton drop in its holdings. "Given the ongoing ETF outflows, we believe it is still too early to describe this (latest rise in gold prices) as a lasting trend reversal," Commerzbank analysts said in a note.
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