Gold falls back from a new all time high at $3,167.84

Gold closed in the US last night at $3,134.17. That was its highest ever daily close and earlier this morning the metal surged to a new record high at $3,167.84. However, right now the metal is falling back. The US trade tariff measures did exclude gold amongst other metals and oil, but that is not necessarily a driver for the price action this morning. Right now it seems that some Gold holders are being forced to part company with their investments in order to cover what are mounting losses elsewhere, namely in stocks. So, that might explain the relapse in the metal we are seeing right now. Gold just now hit a session low at $3,126.30. However, the price action is rapid again this morning and likely to remain that way too. Much will depend on how investors view these levels as attractive enough in terms of a continued haven trade. Gold is right now at $3,132.45