Gold tumbles lower after US CPI report sends US yields higher

Following on from the previous update noting the slide in US bonds and the Dow Jones and lurch higher in the USD/JPY, understandably gold has taken a hit. Now earlier on today Gold had every chance to break the record when it came close once again to the current all time high, at $2,531.75. The high seen was set around $2,529. The slide that has now ensued has seen crumble more than $20 as it falls towards the $2,500 handle. The failure yet again to set a new record earlier today, when all that surrounded seemed to favour that is once again another alarm bell on its prospects going forward. As also noted here earlier today, the calls for a 0.50% rate cut from the Fed next month have gotten a lot quieter following this data. Gold is currently trading at $2,505.10