Gold steps back from Asian high at $3,387.10

Earlier today gold took another sharp shunt higher, rising from an Asian low at $3,323.59. The metal had closed in the US last night at $3,334.12. The move to $3,387.10 was rapid and if you look at a chart of the price action you will see that. However, it has backed away from that high just now and perhaps that is hardly surprising given it has lifted by around $150 since this time yesterday. The drop back from the highs this morning is seemingly only correcting part of that rise. The low since the high has been set around $3,350 a moment ago. Hence it might correct further, but we shall have to see on that. Gold is right now at $3,352.25