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Gold rises to new session highs as US yields slip

As noted in the previous update, gold prices have reacted positively to the US PCE data and perhaps all it needed was a slight nudge lower in those US yields to lift the metal to a new session high, just above $2,345. That means the metal is now more than $20 above its earlier Asian session lows, but it remains to be seen, if there is enough interest to push this substantially above the $2,350 mark again. There are doubts about that here, but as usual its those US yields that will dictate the price acton from here on this afternoon. Gold is currently trading at $2,344.60

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