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Gold loses some shine as US yields rebound
US treasury yields are rising slightly again this afternoon and that has lifted the USD/JPY back towards 154.75. At the same time it has rather taken the shine off Gold. Earlier today Gold lifted to a new high on the week at $2,710.16. It has been slowly leaking lower over the past couple of hours and just now it fell back to $2,684.60. An earlier update here noted how the price action this afternoon would pay close attention to the Yen and the US yields and you can see how that has pushed gold lower again. However, this move is far from conclusive at this stage and it could depend on how the USD/JPY and the US treasury markets behave once they have a look at the US PMI data due to be released in a few minutes, at 2.45pm GMT. Gold is currently trading at $2,689.90
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