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Gold not yet really reacting to stronger Yen

Gold closed in the US last night at $2,034.55. It has traded a range so far today, covered by $2,034.02 to $2,037.18. That by any standards is tight. The fact that Gold has not risen more given the slide in the USD/JPY today is perhaps a little odd and surely disappointing for holders of the metal. That is not to say it will not do so, but its failure to react thus far probably has roots in the fact that US yields are not actually lower yet today. They are actually a smidge higher. Gold stalled just ahead of $2,040 on Tuesday and that has capped the top of the shop so far this week. Gold is currently trading near session highs though, right now at $2,037.10 

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