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Gold buyers take the metal back above $3,100 this morning
The reaction in Gold to the surge in US stocks last night saw it rise in a move which might be hard to explain for some people. So, far from sliding on the positive risk dynamic, the metal followed stocks higher. Gold closed last night at $3,082.70. Today it has jumped to as high as $3,132,63 not that long ago this morning. That is a gain of more than $150 from this time yesterday morning. Perhaps the fact that China has been singled out by the US administration has left a degree of concern for the markets? Perhaps it was Chinese buyers lifting the metal and in recent days there has been evidence of a reduction in US treasury holdings. At this stage we do not know if that was by China, but if it was then recycling those dollars into the metal would be a logical conclusion? Gold has backed off the high seen earlier and it is just now trading at $3,113.20
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