After dropping toward $1,800 in the early American session on Tuesday, Gold price gathered bullish momentum and rose above $1,830 for the first time since June 22 before retreating modestly. As of writing, XAU/USD was up 1.3% on the day at $1,823.
Earlier in the day, China announced that it will reopen its borders and forego quarantine obligations from January 8. With this decision, China will essentially be ending its zero-COVID policy. This development seems to be helping XAU/USD push higher on heightened optimism for an improving demand outlook.
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