Gold is up $17 today to virtually erase yesterday's decline. With the metal trading at $1869, it's just one dollar away from the highest close since June. The intraday high this week was $1879.
With the tide turning against Russian military action in Ukraine, it's becoming increasingly clear that the bids in commodities are less about geopolitical risk and more about underlying demand along with uncertainty about central bank policy.
If gold can get to $1880 as Ukraine de-escalates it would be an impressive signal of strength. We're still in the phase where anything could happen but this price action is encouraging for the bulls.