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Gold trades above $2,700 for the first time this week
Following on from earlier updates this morning, Gold has now traded above the $2,700 handle today. The high seen a little earlier was set at $2,700.47, but it has seemingly run into sellers just above the $2,700 handle for the time being. That was to be expected, as also mentioned earlier on. The fact that the dollar is higher versus Europe (the EUR/USD has now traded to set fresh session lows near 1.0450) is not a barrier it seems though and once again the Yen and US yields are of more importance. So, with that in mind we see that 10 year US yields have now dipped by the 4.40% mark and that has helped this move to above $2,700 in Gold. So, if you are involved in Gold today please keep an eye on those and the USD/JPY too. Gold is currently trading at $2,697.50
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