Gold rebounds from fall below $2,700 seen earlier today

The rebound in Gold since yesterday has delivered a new interim high this morning, at $2,726.23. That came after the metal closed in the US last night at $2,718.23. The further gains also once again defy higher US yields and a higher USD/JPY. This is further evidence of the disconnect in the more usual correlated dynamics and underscores what was said here earlier in the week about large wholesale buyers not caring about such things. From that we infer it is once again Central Bank demand driving the gains, be that from Europe, China, or perhaps both. However, earlier this morning Gold did suffer a relapse, which saw it slide to below $2,700. The low seen was set at $2,698.62. It is right now pushing up towards $2,720, as it recovers that earlier fall. Gold is currently trading at $2,718.60