Gold extends move above $2,500

An earlier update here this morning noted how gold had managed to reclaim levels above $2,500. Well, since then the metal has extended that rise to above $2,515 just now. The rebound in the USD/JPY at the same time is perhaps a little perplexing, but quite often recently we have seen that dynamic skewed and today looks like it is doing that again. However, step back for a moment and you see that the USD/JPY is actually more than 300 pips lower than it was earlier in the week and Gold is not yet breaking any fresh ground outside of its most recent ranges, more just towards the upper end of it. So, in essence the dynamic is consistent over a slightly wider timeframe. However, it remains to be seen, if the metal can push on higher from here and threaten the current 2024 high that remains in place, at $2,531.75. Gold is currently trading at $2,515.50