Gold pressure continues
Gold has been well and truly under the hammer since dropping below $1900 last week. The metal had already crumbled into the monthly and quarterly close on Friday, when it ended the week at $1,848.63. It took a further hit yesterday and more again so far today, as the combination of a weaker Yen and higher US yields continues to weigh on its attractiveness. This all about the cost of carry for wholesale positions and it is biting for sure. Gold closed in the US last night at $1,828.03. It has fallen back to as low as 1,815.30 so far this morning, as the Yen continues to weaken gradually. The earlier high was set at 1,829.61. Gold is just now trading at $1,819.50
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