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Gold on the move higher so far today
Gold lifted above $2,660 as the European markets drew to a close on Friday. As is often the case it looked like decent demand came to the fore leading into the weekend for reasons which are of course obvious. Gold closed in the US oil Friday at $2.656.59. An earlier Asian session relapse saw it trade down to a low at $2,643.25 earlier today and that was surely pre-weekend longs paring back positions. Well, since then the metal has recently lifted to a session high at $2,666.89 and that means it has topped any highs seen last week. The US bond markets are closed today, so there is now headwind there this morning, which may have helped the fresh buying, as has the most recent news emerging from the Middle east. The high seen today has now pushed gold up to within $20 of its record high (2,685.58 set on September 26). It is currently trading at $2,663.65
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