Gold takes a real hit since this time yesterday

Gold reached an all time record high at $2,483.73 on Wednesday, but since then it has been falling back and that fall has extended quite markedly today. Gold eventually dropped below $2,450 yesterday and closed last night at $2,445.08. The further falls this morning have taken the metal to below $2,415 this morning. The rebound in the USD/JPY has been one driver behind this slide and the slight push higher in US yields the most likely other reason. There has clearly been a marked degree of liquidation and it smacks of someone significantly reducing their holdings. Perhaps interesting that this latest relapse comes as the wider markets look poised for a potential bout of risk off dynamics. As to whether that delivers a rebound for gold today though remains to be seen. It really depends if these lower levels represent enough of a value level to tempt buyers back, or not. Gold is currently trading at $2,418.20