Gold runs out of steam for the time being

Late yesterday evening, as the news concerning Iran and Israel broke across the news wires you might have been forgiven for thinking that would deliver a surge to back above $2,300 in Gold. Well, perhaps surprisingly it did not. Earlier the metal had based out at $2,282.82, as was covered here at the time and it was attempting to hold another of those $20-30 dips and rise once more. Well it did not and the drop that has followed is certainly a little surprising. However, gold did manage to edge higher into the US close, where it later ended that session at $2,290.94. That close delivered an earlier Asian high at $2,293.44, but that has now given way to a deeper relapse since. Gold once again fell back and this time it dropped well below the lows seen last night. The low seen earlier today was set at $2,267.87. If you are scratching your head about that, then you are not alone. Perhaps the fact that Gold has already priced in such potential events as we have right now is surely a factor in the price action over the past 12 hours. Gold is off those earlier lows now though, currently trading at $2,279.25