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Three reasons why gold did not make any headway yesterday

Yesterday gold did not make any progress and in fact spent most of the late evening session languishing below $2,160. The earlier push to above 148 in the USD/JPY was a barrier and so was the rise in US yields. On this occasion, perhaps most of all, it was the rise in US stocks and the record closes in Europe (for the DAX and the CAC) which gave no immediate reason for the metal to rise further- there was clearly no risk aversion at work there. So, gold later closed in the US at $2,158.34. It has traded a range, so far covered today by 2,155.88 to 2,161.62 and it is right now at the top end of that range, as the European stock markets reopen at record levels this morning. Gold is currently trading at $2,160.60 

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