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Gold backing off a bit this morning

Gold continued to advance yesterday evening and that saw the metal lift close to $2,085 ahead of the US close. The weaker USD/JPY and suppressed US treasury yields helped to extend the move above 2,077 that was noted here yesterday, once it took out the previous interim high, at 2,070.64. Gold was not able to hold all the gain though and later closed in the US last night at 2,077.49. Earlier this morning, the further falls in the USD/JPY helped to push gold to a new rebound high at 2,088.52. However, it is tracking back now, as the USD/JPY steadies and the dollar more generally comes off its worst levels of the session. Gold has just now dipped below $2,080 and is currently trading at $2,079.80

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