Gold edges back from a new all time high at $2,482.42

Yesterday the break above $2,450 in gold was covered in a later afternoon update here. Following that update, the metal extended the move close to $2,470 and later set a record close, at $2,469.08. Positive momentum at the start of the session today carried the metal even higher and it lifted to a new record high, at $2,482.42. The move higher in Gold in recent days does tie in with the lower USD/JPY, albeit in a rather latent fashion. Perhaps the growing belief that Trump will now secure a second term later this year is a driver for Gold, in as much as it seems to be for the Dow Jones, as you saw yesterday. That is predicated on the notion that Trump will seek to drive US interest rates lower as soon as he can when and if re-elected. Gold has backed off today though, but not anywhere near the breakout level yesterday, at $2,450.07. The low seen so far has been set at $2,464.16. It is currently trading at $2,468.55