PowerShares DB U.S. Dollar Index Bullish ( UUP ), measuring the greenback against a basket of major foreign currencies, added 0.09% to 21.96. Selling from celebrity hedge fund managers, tighter U.S. sanctions in Turkey's gold-for-gas trade with Iran, liquidations ahead of the G-20 meeting in Moscow, and the Chinese Lunar New Year holiday and continued strength in the dollar were all blamed for the sharp nose-dive in precious metals. Guild believes gold will rebound because central banks around the world are heavily buying the yellow metal to diversify their reserves in addition to debasing their currencies and fanning inflation.