Gold edges back from a new record high at $2,682.35

Yesterday Gold continued to set fresh records when it rose to $2,682.35. The reasons for the demand were not one-dimensional at all. There is a quite complicated bullion storage based dynamic that is also at the heart of the latest all time high. Without going into detail on that is it driving the physical demand for the metal. The fall in the USD/JPY and US yields also helped to deliver the new record high. However, Gold did pull back later in the season and after peaking right on the 4pm London FX fix, it slipped back towards $2,860 ahead of the US close. Gold later ended that session at $2,867.24. The range seen so far today has been covered by $2,859.11 and $2,873.34. Gold is right now at session lows $2,859.90