A number of macroeconomic developments have been positive for gold in the last few months. The Federal Reserve has been expanding its balance sheet in the wake of the QE3 announcement, from US$2.8tn at end-September to US$3.0tn as of 23rd January. Still, the effect of the Fed's balance sheet expansion on inflation expectations and Treasury yields has been subdued. A number of macroeconomic developments have been positive for gold in the last few months.
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