Despite a helpful push from a lower U.S. dollar, today gold is struggling right around the 1202/1203 mark in late afternoon trading in New York. It’s not alone in its struggle.

After some initial physical demand in Asian markets, gold quickly backtracked as it was hit by a dose of reality in New York. Also, China lowered its benchmark interest rate, giving the dollar some extra cause for strength.

A small taste of haven demand returned to the gold market today. “Why” isn’t perfectly clear, but there are some theories we’ll flesh out.