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Gold steps back sharply again

A little earlier this afternoon, as the US CPI data broke across the wires gold spiked to its best levels of the week and came very close to setting a new record high. In the event it did not rise above that current record, at $2,483.73, but it came close. The high seen was set at $2,479.14 on the main interbank portals, but it may have traded higher unofficially elsewhere. Well, it has now backed off, as the US stock markets prepare to reopen. The metal is now tracking back towards $2,450. Hence, it looks like another case of close but no cigar for Gold on this occasion. We shall just have to see, if there is enough gas left in the tank for another push higher as the afternoon evolves. Gold is currently trading at $2,452.50 
 

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