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US yields slip after CPI report- Gold pushes higher
Gold spiked higher after the release of the US CPI report. The metal jumped above the rebound levels seen yesterday and pushed towards $2,620. However, it has reversed back pretty quickly right now. The reason for the spike higher was due to the fall in the dollar and both moves were delivered by a fall in the US treasury yields. The 10 year note has now fallen back further and it is currently below 4.38% and that has been enough of a move to undermine the US currency, especially versus the Yen and to lift Gold prices. That said, the metal is setting back a little lower now. So, it remains to be seen, if this data will cast more than just a glancing reaction. Gold is currently trading at $2,613.40
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