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Gold gives some more back

Yesterday the drop back in US yields and the dollar really helped gold to advance. The rise was on the back of the weaker than expected US PMI data and that saw gold lift to above $2,033 at on e stage, from an earlier low at $2,291. The metal later closed in the US at $2,322.02 after giving some of those earlier gains back. At that stage the move off the top looked more like intra-day profit-taking than anything else, but the refusal of the dollar to weaken further, especially versus the Yen might have played its part too. Well, as the USD/JPY remains near 34 year highs this morning, and the dollar more generally remains resilient, gold seems to have run out of steam again. So, just now the metal slipped back to a session low at $2,311.88. That comes as those US yields rise from the lows seen yesterday. Gold is currently trading at $2,314.40 
 

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