Gold: Trading at $1676/oz at the time of writing in what has been a very choppy start to the wee

Gold: Trading at $1676/oz at the time of writing in what has been a very choppy start to the week.

$1700/oz traded in Asia early on Monday as global equity markets opened (and have stayed) sharply lower.

But #gold couldn't hold these gains. https://t.co/MJL3X6Vd0V

Switching to the Comex active contract, there is no sign of a particular jump in #gold volume such as was seen on Friday. https://t.co/dqXZnPNukU

Real US Yields are much lower, with 10-year yields off a stunning 30bp. https://t.co/O67YqMZ1cY

Equity futures are sharply lower too... https://t.co/Yx2i2M2Tzz

So although #gold has performed well this year as other markets have fallen sharply, the past week or so has seen a big gap open up between what could be expected and what has materialised. https://t.co/n3uRlS5YIO

Bloomberg's robots report very strong #gold ETF buying on Friday... https://t.co/8UnohR6FZi

...which has taken month-to-date inflows to 68.5t, or more than 2 million ounces, in March already: all regions saw inflows, with Europe slightly shading North America. https://t.co/SaxvAiPSI6

I’m unsure why gold has lagged a bit over the past week – perhaps traders are more concerned about positions that are haemorrhaging PnL rather than looking to gain from this situation.

Less orderly markets sometimes see short-term dislocations – perhaps this is one.

We will write more on this later today: Adam Perlaky will provide more information in his Monday #blog on #goldhub, as usual.

Best of luck.