Gold advances after setting a record daily and weekly close at $2,621.88

On Friday an update here later in the afternoon noted the positive momentum still in place on Gold and it did subsequently push higher, after attempting to drop back below $2,610. The high seen after the European close was set at $2,625.77- a new all time record for the metal. Gold later set a new all time record daily and weekly close too, at $2,621.88. The reasons behind the record were conveyed here in that final update of the week- a search for havens ahead of the weekend, as a result of the deepening crisis in the Middle East. Well, despite the lack of any significant escalation in the region over the weekend, Gold has risen, to set a new record high this morning, at $2,631.13. That rise comes as the Yen weakens back above 144 versus the dollar this morning and hence that Yen/Gold correlation has blown out even more so far today. Gold is currently trading at $2,627.95