Gold was a little choppy overnight in a range of $1345.70 - $1354.80.

It firmed during Asian and early European time to its $1345.70 high as the dollar softened (DX to 89.50) - hurt by some euro strength (euro from $1.2368 - $1.24).

Later on, gold was pressured to $1345.70 as the DX bounced back to 89.75, boosted by a weaker pound ($1.4219 - $1.4162 – miss on UK Retail Sales), and a pullback in the euro ($1.2355).

Ahead of the NY open, however, the DX slipped back to 89.55 as the pound rallied back sharply ($1.4246), and the euro recovered ($1.2385).

Rising global bond yields were a headwind for gold, with the JGB (0.34% - 0.43%), German Bund (0.532% - 0.584%), UK Gilts (1.43% - 1.49493%), and US 10-year (2.862% - 2.906%), as were mostly firmer global stocks.

The NIKKEI was up 0.15%, the SCI +0.8%, European shares were unch to +0.2%, but S&P futures were off 0.1%.

Higher oil prices (WTI to $69.56 – fresh 3-year high, Saudi comments that they are looking for crude to rise to $80 or $100 ahead of OPEC meeting tomorrow, growing expectations that the US will re-introduce sanctions against Iran) were supportive of equities.

At 8:30 AM, a slightly worse than expected reading on US Jobless Claims (233k vs. exp. 230k) was largely offset by a better than predicted report on the Philly Fed (23.2 vs. exp. 21).

Ahead of the NYSE open, a disappointing forecast by Taiwan Semiconductor weighed on the tech sector, and some dour comments from the IMF’s Lagarde (sees mountain of debt globally, US debt will haunt it, trade spat may dent business confidence) pressed equities lower through the open (S&P -16 to 2692, Apple, Nvidia, Micron, Advanced...

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