Gold extends gains as US yields fall

Well, eventually Gold has done what it arguably should have done much earlier this week and moved higher. The metal was on the rise yesterday afternoon, despite the much better than forecast service sector ISM data and the one reason for that was because US yields did not sustain the rebound seen immediately after that release. So, Gold closed in the US last night at $2,355.32 and it has extended that move today and in the process taken out the previous interim high around 2,364. The move this morning has seen gold just now reach a high at $2,374.96. The next potential resistance level is in place at $2,378.82, from the high seen on May 23. Gold is currently trading at $2,369.20