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Gold falls as US yields rebound
On Friday Gold lifted quite sharply, from an Asian low at $2,634.18 to a high as $2,666.36 ahead of the European opening. That move was covered here at the time. However, it later proved to be the top of the day and Gold could not get above the noted 50 day moving average (then at $2,669.10), or hold all the earlier gain into the monthly close, despite further Yen strength and a further fall in US yields. The 10 year note ended the week some 9.5 basis points lower on Friday, at 4.169%. That yield has rebounded today and that has helped the Yen to weaken and push gold prices lower. The 10 year yield is currently at around 4.22%. Gold closed on Friday at $2,643.15. So. today Gold has dropped back, to set a session low at $2,622.00. The earlier session high was set at $2,652.81. It is currently trading at $2,625.90
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