Gold backs off from above $2,700

Initially Gold did not follow the slide in the dollar resultant from the market reaction to the latest US CPI data yesterday. The metal actually fell back towards $2,675. Earlier Gold has reached a session high, at $2,696.10. However, as the US stock markets continues to press higher after the European close, gold buyers returned and pushed the metal higher again. It later closed in the US at $2,696.32. That rebound was then extended at the start of the Asian session today, where gold reached $2,702.17. However, it has backed away from that move since then and fallen to $2,690.09. US yields remain subdued again so far this morning and that should be a supporting factor for Gold. The metal is currently trading at $2,694.75