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Gold drops back below $2,300 again

A short while ago Gold fell to set a new low on the day, at $2,391.64. It has bounced off that low but remains camped below $2,300 for the time being. The further falls this morning come as those US treasury yields rise once more. We are not talking about a big move there, but enough to undermine the metal and reverse it lower again after it failed to make any lasting progress above $2,310. The other thing to note is the more positive risk situation across the markets still. That is undermining risk havens and of course Gold is at the very front of that list. Earlier this morning an update here also noted that the Russian central Bank only added 3.5 metric tonnes to its huge gold pile and that has rather surprised some analysts. It remains to be discovered how much the PBOC has added recently though, potentially much more than that, but we shall see in due course. Gold is currently trading at $2,295.45

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