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Gold edges back from new record above $2,350

The surge in gold later on Friday afternoon was covered here at the time and it then extended to above $2,330 ahead of the weekly close. Gold later set a new record weekly closed at $2,329.75. It did meet with selling right at the start of the Asian session today, falling back to a low at $2,303.03. However, it did not stay down there long and once again charged higher after around a $20-30 sell-off. The move above $2,330 then delivered another flurry of buying. Gold rose to a new all time record high earlier today, at $2,353.95. It has backed off from there now amid yet more leading analysts calls for the metal to eventually reach $2500 per ounce. So, the former Yen/Gold dynamic has been pushed back even more today and looks completely busted as things stand right now. Gold is currently trading at $2,336.15

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