Gold has come all the way back.

In early trade Wednesday, the price of gold fell more than 1.5% in about 15 minutes, from about $US1,195 an ounce to about $US1,175, but the precious metal has erased all of those losses.

The move lower was related to headlines crossing Bloomberg that said a new poll from Swiss TV (SRF) showed that 47% of voters were seen rejecting a measure that would require Switzerland to hold 20% of its $US547 billion in assets in gold.

The poll showed 38% of voters were in favour of the measure, with 15% undecided.

A majority is needed for the measure to pass, with a vote scheduled for Nov. 30.

Switzerland currently has about 8% of its assets in gold.

This latest poll follows a late October poll from SRF that showed 44% were in support of the measure, 39% of voters were against and 17% were undecided.

Gold had regained about $US50/ounce through November after the precious metal had a nasty breakdown at the end of October, cracking $US1,200 for the first time in years.

The negative news out of Switzerland saw the gold market again disappointed on Wednesday.

But now it seems the bulls have retaken control. For now.

Here’s the chart.

Here’s the long-term chart of gold, which remains near multi-year lows since the precious metal topped out in 2011.

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