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Gold slips to session lows as US yields and USD/JPY rebound

An update here much earlier today noted the really disappointing reaction in Gold to a firmer Yen and the failure of the metal to capitalise on that. Well, perhaps it is no surprise to see it is right now hitting session lows as the Yen weakens again. However, more importantly for Gold, those US treasury yields are now rising once more and that has done the metal no favours. The US 2 year note is now 5bp higher and that has forced gold lower.  Obviously, if US yields fall back later, especially after the US PCE report (1.30pm GMT), then it might rebound again, but that all hinges on what that data has to reveal. Naturally, the opposite also applies. The low seen a moment ago was set at $2,028.17. It is just now trading at $2,028.65

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