Gold spikes higher after US data disappoints and yields fall

The reaction across all the major financial markets to the weaker than expected US PMI data was quite stark and it has delivered a sharp spike higher in gold prices. As noted here earlier today Gold had fallen back below $2,300 again. It was already on the rebound ahead of this PMI data and the impact of that data sent it shooting higher again. Gold has spiked to above $2,325 on this news. That means it is now more than $35 above its earlier lows just now. The main reason for the jump seems linked to a corresponding fall in US yields as this data surprises the markets. Gold is currently trading at $2,327.50