Gold slides and rebounds as stock market slump worsens

The noted rebound in Gold on Friday ahead of the US jobs numbers did not hold, as was covered here at the time. The metal dropped back from above $3,136 and then fell to a new 5-day low underneath $3,050. In fact, it went further than that ahead of the weekend, when it dropped to $3,015.86. Gold later closed in the US at $3,038.24. It seems clear; the rebound in US yields and the dollar later on Friday was an integral reason for the slide towards $3k. Of course there were alarm bells on Gold last week, when it posted an outside negative reversal from its all time high the day before, as noted here at the time. Overnight and this morning the metal has seen another session of extremely volatile price action. That saw it initially slide into the Asian opening. Gold fell to $2,971.28 as Asian stocks and US futures crumbled. However, since then buyers have returned and pushed the metal higher, rising to a session high at $3,055.60. Whatever happens from here, it is going to be another extremely volatile session again today. Gold is right now at $3,037.70