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Gold reclaims $2k on weak US sales data

Gold immediately rose a little more above $2,000 when those US sales numbers hit the street. It had actually briefly reached that level before all this data arrived and the immediate reaction saw it spike to session highs on the sales report. Gold reached $2,004.15. However, it has fallen back a bit since, as the markets digest all that data and not just the headline sales numbers. I said in the previous update; that on balance, if you strip out the sales data, it was not actually a bad set of repots here. The question now; is will the markets look through that sales data or continue to feed off it? It looks mostly like the latter and that is well demonstrated by the drop in US yields right now. The 10 Year note is close to 2.50% right now, where it reached 2.66% yesterday. So, that is a major driver for Gold as much as it is a headwind for the dollar. Gold is currently trading at $2,003.40
 

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