Gold surges to a new record above $2,320

Since the last update here on Gold noted that it was between a rock and a hard place, the metal has surged higher again. The impact of the better US jobs report was not the constraining factor it night have otherwise been, had the current risk backdrop been more benign that it clearly is right now. So, not long ago the metal lifted above the previous all time high, at $2,305.64 set late yesterday evening. The rise though that price point has clearly sparked a whole raft of fresh buying and lifted gold to a new record a short time ago, at $2,323.43. The fact that the metal is setting yet more records this afternoon, when US yields are higher speaks volumes about the level of risk aversion out there this side of the weekend. Gold is just now trading at $2,320.40