Gold looks to jump back up after a brief stint under $3,000

Gold has been seeing some volatile trades as well in the past few sessions, not least with margin calls and liquidations factoring into the risk-off equation as a whole. In broader markets, we're seeing yields surge while stocks are plunging and that is a major alarm bell calling for a recession. At the same time, the former seems to be suggesting funding stress as well and that's never a good signal.

All of this is making it tough to get a good read on gold, which can be caught in the crossfire from both sides.

But for the time being, we're seeing dip buyers step back in and pushing gold back up in trading today. As we see a further devaluation in the Chinese yuan, this is perhaps where gold might just find an edge amid all the chaos.

The risk of capital flight with investors also not favouring safety in the dollar thus far makes gold a somewhat attractive proposition. Not to mention it being a hedge against imported inflation amid a weaker currency for China domestically.

So, that's one key market development to watch out for in the days/weeks ahead.