Gold still reluctant to set a new record above $2,531.75

Yesterday gold came relatively close to reaching a new record high, when it lifted to a high at $2,523.46. However, it then fell back towards $2,505 before later posting a US close at $2,516.76. Today the metal has stalled so far at $2,521.92 and edged back a little as this update is typed. If you once again glance across at the USD/JPY and you might see why that is. In fact, earlier when the USD/JPY hit a low at 142.06 it is arguable that gold could have done better than it has, but we should also remember where the price is right now- very close to its highest ever level. That record at $2,531.75 has remained intact though, since it was set on August 20. Perhaps the longer it remains that way the risk of a deeper relapse below $2,470 might become. At the same time, gold is being supported by further downside in those US yields and the prospect of at least a 0.25% Fed rate cut later this month. Also maybe Gold traders to not want to get ahead of themselves ahead of the monthly jobs report this afternoon. Whatever happens this afternoon, gold is going to move, but as to whether that delivers a new record high remains to be seen. The metal is just now trading at $2,517.45