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Gold tops $2,440
Gold is on the move in early European trading today. The metal has lifted close to $2,440 after closing in the US on Friday at $2,431.32. As noted here on Friday, Gold was making progress despite a rebound in US yields. The reason for that was also covered and it has been a shift back out of the safety of bonds which has forced US yields back down and come at the same time as global stock markets have rebounded. Hence, it is not quite the usual bond/Gold dynamic in that sense, but that is not to rule out a further rise in yields which might eventually undermine gold if continued. Gold has reached a high so far at $2,440.40. It is currently trading at $2,439.30
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