Gold rebounds to set a new record high as Yen rises and US yields slip

As you surely know now, Gold set in place a new record high yesterday, at $2,947.01. However, that does not begin to tell the whole story, because subsequent to that the metal crumbled by nearly $30 into the wider European close. Gold fell back to $2,918.67. It did rebound into the US close, later ending that session at $2,933.39. The price action so far today has seen the metal rise to set a new record high a little earlier this morning, at $2,947.23. The slide in the USD/JPY and lower US yields have clearly helped to facilitate that move. So, the odds of a move above $2,950 look pretty elevated right now, but at the same time not guaranteed, given the lack of a price extension to that new all time high seen earlier. Gold is currently trading at $2,944.90