US yields on the rise again- Gold edges lower

Earlier today gold lifted above $2,030 once more after testing the $2,020 level yesterday. The metal had closed in the US last night at $2,025.99. It rose to a session higher earlier, at $2,034.87, as the European stock markets reopened and the USD/JPY backed away from an earlier high at 150.46. The earlier low seen on gold was set at $2,025.11 right at the start of the Asian session today. Right now those US treasury yields are pressing higher once again though and that is pushing gold back down from that earlier high. Once again the reader is reminded to keep a close eye on those yields, especially if the 2 Year note starts to rise above 4.70%. It is currently at 4.67% which is the highest level of the week so far. Gold is currently trading at $2,029.30