Gold continues to give back gains as early US participants return to the markets

Gold has spent most of the European time zone edging backwards, after peaking in Asia at a new record high of $2,265.73. The low seen a short while ago was set at $2,245.70. The noted gap back to $2,231.83 has not come close to being filled yet through and of course there is no guarantee that it will be today. Much could depend on US bond yields this afternoon, both before and after the US stock markets reopen and the outcome of the latest ISM manufacturing index is known. US yields are just a little higher now from earlier on and that may account for the pullback in gold so far today. The metal is right now trading at $2,249.75