(Bloomberg) -- Gold edged lower on renewed strength in the US dollar, after a rally triggered by the Bank of England’s decision to unveil a bond-buying program to boost UK bonds.Bullion has come under pressure in the past two weeks as the greenback strengthened to record levels, with the metal hitting its lowest level in more than two years earlier on Wednesday. Then the UK central bank’s intervention spurred declines in the dollar and Treasury yields, providing relief for gold which is priced i
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Gold stocks were on the march today, riding a broad relief rally as stock prices rose and Treasury yields crashed with the yield on the 10-Year Treasury Note down 5.6% in afternoon trading. There was no obvious trigger for the movement, though the most likely reason seems to be the Bank of England's decision to buy long-dated U.K. government bonds in order to stabilize the pound after the currency had fallen sharply against the dollar in recent weeks. Gold is seen by some investors as a safe haven from money-printing in fiat currencies, especially during high-inflation times, while others believe that higher interest rates are bearish for gold because they make fixed income like bonds more attractive.