Gold steps back from a new high on the week

Yesterday Gold almost touched $2,640 per ounce, as a flock of haven buyers rushed to the safety of the metal as a haven. That move was reported here at the time, but that turned out to be the extent of it and gold later fell back as the whole global risk edifice steadied and the dollar and Yen fell back. Gold later closed in the US at $2,632.08. Earlier today following some concerning headlines surrounding the US embassy in Kyiv, gold pushed to a new high on the week, at $2,641.84. However, it has stepped back from that high now and fallen below where it closed last night in the US. That is all seemingly because the markets refuse to accept the worst possible scenario, because if they did Gold would surely be considerably higher than it is. The other driver for the move lower seems to stem from the rebound in the USD/JPY and US yields. At the same time, Gold is very much hostage to any major fresh geopolitical headlines again today, as indeed are all the markets for that matter. The low seems so far has just now been set at $2,623.43. It is currently trading at $2,624.80