Gold swings from pillar to post as risk markets battered

As noted here on Friday afternoon, Gold suffered a nasty drop, when all that surrounded would suggest it should not have done so. As reported, Gold stalled just short of its all time record high on Friday (2,483.73), when peaking after the US jobs report, at $2,477.68). The noted failure of Gold to get above that record high was partly its undoing, but as mentioned, it was a different dynamic that caused it to slide to an eventual low at $2,410.91. Coincidentally, or not that low was right on the 4pm London FX fix. So, this was all about equity market losses and margin calls forcing the liquidation of profitable gold holdings to cover those stock losses. However, eventually gold did rebound into the US close, ending the week at $2,443.24. Overnight the metal dropped again as the Nikkei 225 got slammed and the USD/JPY crumbled. However, once again the metal has bounced, this time from a low at $2,414.19. The high seen earlier was set at $2,458.80, but it is off that high now and tracking lower again, currently trading at $2,440.40