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Gold steps back a bit more as US yields fail to budge

The US 2 year bond yield touched 4.73% yesterday ahead of the ISM index. It dropped back to 4.67% after that data boosted US bond markets. Well, so far today it has been holding its ground and right now edging back to around 4.69%. At the same time, earlier today Gold rose to a new record high at $2,304.96. For most of the morning the metal has been edging lower and just now it fell back a bit more, to a session low a moment ago, at 2,284.72. That fall comes as the USD/JPY rises to session highs above 151.75 a moment ago. Of course both Gold and the Yen are dropping for the same reason and that is due to the modest rebound we are currently seeing in US yields. Perhaps we might see, once again, if another $20-30 relapse in the gold price is sufficient to tempt buyers to step back in? We shall see as the afternoon unfolds. Gold is currently trading at $2,286.45 

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