Gold reaches a new record as US yields initially fall

As you might expect, Gold charged higher on the news that the Fed has cut its Fed Funds rate by 0.50%. The metal lifted to set a new all time record high at $2,590.13. It has backed off a bit from that high. Looking at the US yields right now, we can see that despite initially falling, those yields have now bounced and that might yet prove a headwind for Gold as the evening further unfolds. That said, the pathway towards $2,600 looks just as clear as it was when first noted and conveyed here a few days ago. Gold is now falling back, currently trading at $2,585.50