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Gold back peddles as US yields rebound

Earlier this afternoon Gold made it to a new high on the week after the US CPI fuelled further buying. That saw the metal rise to a high at $2,378.58. However, it did not stay up there for very long and right now its more than $25 south of that high. The reason is partly due to the rebound in the USD/JPY, which is not almost 100 points above its earlier CPI inspired low.  The other reason is the rebound we are now seeing play out in those US treasury yields. So, Gold has taken it on the chin and if you look at an intraday chart of the metal you will see what is being talked about here. Gold has now fallen to a new low on the day and that has surely upended a good many traders who bought into it after the CPI release. The low set a moment ago was at $2,351.96. Gold is currently trading at $2,355.30 

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