From the Independent:
The actual location of the land of Punt has been the subject of discussion for some time. Hatshepsut's temple shows a well documented trading expedition to Punt. The decorations show the Queen of Punt and even names her as Itj/ Eti/Ati/Iti. We see depictions of Puntite housing- on stilts, the trees and animals which were brought back and of the Puntite people themselves.
What we do not have is a a clear description of where Punt is.
The above article is a year old, but the processes used give us an idea of what is being used to locate the land of Punt using modern technology.
There are other interesting articles and blogs on Punt, which i have read and saved. I will share these so that "Punt" as a tag will have more than just the Hatshepsut Mortuary temple depictions. Also I've spotted some great online photos which can be shared without copyright issues (always best to avoid those).
It would seem that they have ruled out the possibility of Punt being located in modern day Somalia and Yemen has also been ruled out. Modern day Eastern Ethiopia/ Eritrea have been found to be the closest match, according to results of oxygen isotope analysis (see link for description).
Furthermore a harbour has been located which may have been the harbour used by Hatshepsut's ships to load up and return to Egypt from Punt. It is located near modern day
This is all very interesting reading and there will be more to come according to the link.