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Gold rebounds well considering US yield rise but can it last?
Yesterday afternoon, the impact of the higher than forecast US PPI data, gains in the USD/JPY and rise in US yields all served to push gold prices lower. The metal fell very close to the $2,150 mark at one stage, but it did manage to rebound from there and later closed in the US at $2,162,19. Today it has briefly nudged above $2,170 even as those US yields have edged higher again and the USD/JPY remains elevated, despite the wage rise news from Japan. Gold is a little lower from that earlier high, but in relative terms the metal has held up really well in the face of those headwinds. The question this morning; is can it continue to do so? Gold is currently trading at $2,167.15
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