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Gold jumps above $2,700 in Asian trading
Later yesterday afternoon gold recovered a US data led drop to $2,673.30. The rebound unfolded into the 4pm London FX fix and then extended to set fresh records above $2,695. Gold later posted a record close in the US at $2,692,71. Earlier today it took off again and lifted through the $2,700 handle for the first time ever. The high set a short while ago was at $2,712.51. The move higher has come following a relapse in the USD/JPY at the same time today. However, the price action between the two instruments has seen the Yen/Gold correlation twist further out of kilter in favour of the metal. Gold is currently trading at $2,711.30
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