I think its mostly fools who see gold as falling due to a possible US rate rise. Possibly also some who think that Chinese strong CPI will lead to less "fear buying" in gold. However, the histroical correlation between gold and interest rates has been positive. A lot of the major volume may switch sides towards the end of the day as well. I'll check three days time if you guys would like to see where the volume came from?
Fundamentals haven't changed, page-165
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