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Gold edging lower as USD/JPY and US yields lift

Gold was trading above $2,040 per ounce ahead of the US PCE reports. It has since edged back a little, but it is not exactly falling by that much yet. The slight fall comes as the USD/JPY regains the upper hand and US yields edge higher at the same time. Of course both those trades are linked and it is the US yields that are driving the show for the Yen and gold. The metal closed in the US last night at $2,044.24 and it has not really spent much time above that closing level so far today. The high seen much earlier was set at $2,047.23, but as I said, for most of the day it has been trading below 2,044. It is currently trading at $2,039.70

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