In addition, the Bank of England announced further QE measures and the Peoples Bank of China reduced their interest rates by 0.25%, both of which are prima facie positive factors for the gold price, though the reality has been the opposite with recent Chinese rate cuts, just as gold rose last year in the face of Chinese rate hikes.
Gold recovered well off 1596 and is holding above 1600 support, the longer this can continue, the more likely a resumption of the rally, though a pause looks likely here.