Gold lifts above $3,100 for the first time as risk runs for cover

On Friday ahead of the US PCE report gold was tracking lower, but as that data hit the screens it seemed to provide the necessary excuse for Gold buyers to jump back in. Indeed that was the headline here at that time. So, Gold eventually pushed higher again. However, if you look at a chart of that price action you will see it was no straight line into the weekly close. Irrespective of that, it was another record close for Gold on Friday, at 3,085.12 and that was pretty close to the all time high it set earlier in the session, at 3,086,82. The price action during the Asian session today has seen the metal attract even more haven based flow and that has delivered a push above $3,100. The high seen so far has been set at $3,115.97 and it is not much below that new record just now. The slide in stocks and gains in the Yen are once again central to that new all time high. Gold is currently trading at $3,113.30