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Gold edges back from yet another record
Well, in case you are surprised Gold just did it again. The metal rose to set another record high this afternoon, at $2,742.08. That high came just ahead of the latest Richmond Fed index, which did improve a bit more than expected, to -14. The subsequent move lower in Gold following that data underscores a degree of nervousness amongst punters it seems; to keep pushing this to levels never seen before. To be honest and given the news noted earlier, it was quite a surprise that gold had not spiked earlier in the day. The question now is where to next? Well, given that the metal has so far defied the higher US bond yields in recent days, it might be unwise to rule another record at some stage. For the time being though, it has just backed off, currently trading at $2,735.50
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