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Gold edging higher as USD/JPY slips back
Gold came under pressure yesterday and that pressure saw the metal fall close to $2,030 per ounce. It later closed in the US last night at $2,041.49, as a rebound took hold with the drop back in US treasury yields. The range seen so far today has seen $2,040 hold the downside (low so far 2,040.19). It is now pressing towards the $2,050 mark as the USD/JPY stalls and drops back from an earlier high at 143.88. The metal is still not leading though and remains hostage to further swings in the dollar and US bonds. That said, there is always a risk based tenet that could deliver gold to the driving seat, it is just that it has not happened yet. The high seen so far this morning has been set at $2,049. 59. Gold is currently trading at $2,048.30
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