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Gold sets a monthly close below $2,300

Yesterday the prospect of more gold liquidations into the month-end was highlighted here and eventually that delivered a fall to below $2,300. The fall on this occasion was also compounded by the further rise in US yields, after the US ECI data, which combined with month-end position squaring to send the metal down to a low at $2,285.25 ahead of the monthly close. That monthly close was then set at $2,286.25. Earlier today gold fell back a bit more, to a low so far at $2,281.73. As to where it might trade to later today is very much US data dependent by the looks of things just now. Of course US yields will be front and centre in that too and right now those are still very much elevated. The 2 Year note is above 5% and the lack of risk aversion (despite equity market reversals) is a factor as well. We should also remember; that despite the recent falls, just where the metal is, in the grand scheme of things over many years- still right at the top of its game. Gold is currently trading at $2,286.10

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