Gold is giving back most of yesterday's gains today as a result of easing tensions between Russia and the Ukraine, however, the bias for gold is still to the upside, says Thomas Vitiello, partner at Aurum Options Strategies. Vitiello says the lack of a rise in interest rates since the start of the year has kept a steady bid under gold. He says rising physical demand has underpinned the rally, but it has not come out of Asia in the past month despite stories about China weakening its currency.

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