Gold slipping on further profit-taking

Gold has been slipping back this morning and a short while ago the metal hit a session low $2,571.84 The earlier session high was set at $2,586.98, slightly below the record high posted yesterday at $2,589.70. The move lower just now comes even as US yields remain subdued, but as the USD/JPY seems to stabilise for the time being above 140.50. The move lower is clearly still corrective at this stage, but it may extend the closer the market gets to the Fed decision tomorrow evening. That is surely due to the risk of the Fed not cutting rates by as much as many in the markets seem to think more likely now. Gold is currently trading at $2,572.90