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Gold jumps above $2,400
As the US stock markets reopen, gold has lurched higher. Earlier it was probing levels above $2,390 and then it took out the previous high just above 2,397. The break above that level has now pushed the metal to above $2,400. The high set a short while ago was at $2,405.18. The fact that gold has lifted even as US yields remain elevated and the dollar is not materially lower is quite interesting. It could be down to one of two things- central bank buyers again, or perhaps cash coming out of stocks and back to the metal as a weekend haven? There are no clues here on the exact driver, but it is quite an interesting move and one that is hard to explain unless one takes the view; that maybe stocks are set to correct further? Or perhaps US yields are about to fall? Time will tell, but gold is backing off just now, currently trading at $2,397.70
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