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Gold gets another lift from the stronger Yen as $2k looms again
Following on from the previous update, noting the further downside in the USD/JPY today, that has helped Gold to rise one step closer the the 2k handle once more. As per yesterday, the metal has managed to gain due to that correlation and ignore the fact that US yields are not any lower. Gold had closed in the US last night at 1,978.07 which was already some way above its earlier session low at 1,965.54. It continued the US closing rebound immediately today, as the USD/JPY slide continued. That has seen gold reach a high so far at 1,994.31. It has backed off from that high slightly now. The $2k level is looming large again today though and of course much of the price action looks like it will be Yen dependent, unless those US treasury yields make more of a move than they have so far this week. Gold is currently trading at 1,990.95
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