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Gold steps back as US yields rise

As the stock markets fall and the dollar presses higher we can derive all those moves from the push lower in US bonds this afternoon. Hence, yields are now higher. The US 10 year yield is now higher by around 0.08% and that has been enough to stop gold rising to set further records beyond $2,740. Earlier today the metal rose to set a new all time high, at $2,740.59. The metal has since fallen back below $2,720. The low seen a little earlier was set at $2,717.01, but it is just now attempting to bounce from the lows. The risk of a technically negative close tonight is live though, if the metal closes below $2,721.46. We shall just have to see on that. Gold is just now trading at $2,723.05

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