Gold dips and rebounds after Japanese election result

Gold rose steadily on Friday afternoon, rising from a European morning low point at $2,717.13, to a high at $2,747.85 just ahead of the weekly close. The metal closed pretty much on that session high too, at $2,747.56. Naturally, pre-weekend Middle East uncertainty helped gold higher on Friday. The wider market relief on the opening today;  that the situation in the Middle East was not as bad as it might have been in terms of the Israeli action in Iran helped to push gold lower on the opening. The weaker Yen must have played a major role too and so Gold fell back to a low at $2,724.77. However, as the USD/JPY move seems to have run out of steam for the time being, that has helped to push gold off that earlier close and now  trading closer to where it closed on Friday, currently at $2,743.10