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Gold stalls at $2,042 again

Just ahead of the US CPI release there were one or two Gold buyers, pushing the price up towards $2,040 per ounce. Quite surprisingly, Gold did manage to trade above $2,040 on the release and in some shops quite a bit higher than that. I cannot account for what spurious price action took place then, but I can tell you the interbank high was set at $2,042.76. That means it reached around the same levels as the last time it lifted above 2,040. Well, it did not stay there for very long and once the detail of the data was digested by the robots, Gold fell back underneath 2,030 again. The low seen so far has been set at $2,025.30. It is back above the 2,030 handle now, but the overall reaction is pretty consistent with the rebound in the USD/JPY and rise in US treasury yields. Gold is currently trading at $2,031.75

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