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Gold slips back from Asian rebound high above $3,270
Gold was unable to hold a rebound to as high as $3,269.30 on Friday afternoon. The metal fell back into the European close, towards $3,220. It then lifted back somewhat into the US close and later ended the week at $3,240.49. That price action was very much linked to corresponding moves in the dollar (especially the USD/JPY) and the rebound there into the US close. The price action in Asia overnight has seen the metal rebound again and a little earlier today it rose to $3,272.39, from a low at $3,237.77. It has backed away from that high now, but the clear driver for the rebound has been the drop in the dollar and US stock futures since the start of the Asian session today. Gold is currently trading at $3,259.30
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