Another factor is a renewed optimism in Greece, which has become the face of the sovereign debt crisis tearing through the euro zone. Prime Minister George Papandreou prevailed in Tuesday's late-night confidence vote though to best position the nation he leads for additional bailout funding, Papandreou now must slash budgets, sell assets and perform additional cost-cutting measures that are likely to prove unpopular.
"The main thing is how long will the Fed continue with an easy monetary stance, and whether any quantitative easing will be announced," Chintan Karnani, chief analyst of Insignia Consultants in New Dehli, told MarketWatch. "If the injection of liquidity into the system is not announced, we might see a correction to $1,530 or maybe $1,510, then another move higher."
At 8:41 a.m. on Wednesday, gold futures slid in value 0.05 percent, a 70 cent slide to $1,545.70 per troy ounce.
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