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Gold- $2,050-$2,070 covers it for now

Yesterday the rebound in US treasury yields and the USD/JPY did gold no favours and eclipsed any earlier risk backed buying that had seen the metal lift to $2,078.92 in early European trading. The metal fell back to a low at 2,056.09 just ahead of the 4pm London FX fix. A rebound from there followed, but it was not sustained into the US close. Gold closed last night at $2,058.96. The range seen so far today has been covered by 2,058.69 to 2,066.02. So, as the headline suggests; 2,050-2,070 has it covered for the time being. Gold is just now trading at $2,063.80

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