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Gold Goes Quiet as Bears Take Breather After Drop to 5-Year Low

  • 60-day historical volatility sags to lowest since Oct. 28
  • `Metals have priced in at least one rate hike,' RBC says
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After gold’s punishing drop to a five-year low, bears are finally giving the metal a break.

Signs of the quieting market were evident as a measure of swings for futures slumped on Friday to the lowest in three weeks. Investors are taking a breather after coming down hard on bullion for the past month in anticipation of higher U.S. interest rates, which cut the appeal of the metal as a store of value. Prices posted a fifth straight weekly retreat, the longest slide since July.