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Gold surges towards $2,100 as US yields slide

On Friday, after the release of the disappointing US ISM index, US treasury yields fell back sharply.   Gold took full advantage of that, by reversing an earlier more than $10 fall, to below $2,045. That reversal seemed to catch gold traders badly wrong-footed and the metal not only reversed that fall back through $2,057, but then accelerated more as the 2 Year treasury yield fell back further, by around 0.13% on the day. That helped to propel gold to a high at $2,088.37. It held most of that more than $40 gain, when closing the week at $2,082.92. Today it has backed-off a bit from a session high at $2,086.27, to a low at $2,079.54. It is also worth noting, that the high seen on December 28 last year was set at $2,088.52 and that might explain the peak seen on Friday. Gold is currently trading at $2,081,60
 

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