Gold slips back from new record high just above $2,500 as US yields rise

The impact of the University of Michigan consumer sentiment index has pushed gold back from a new record high just above $2,500. Ahead of this data Gold had risen to set a new all time record at $2,500.16. It has now dropped back as US treasury yields rise along with the dollar, most notably versus the Yen. The US yields have seemingly risen due to the unchanged consumer inflation expectations within that Michigan index. Gold has now dropped back underneath $2,485