Gold Today -Gold closed in New York at $1,352.70 on Thursday after Wednesday’s close at $1,346.50. London opened at $1,341 but immediately recovered to $1,346 before rising further.
– The $: was correcting at $1.1307 from $1.1329.
– The dollar index was correcting at 94.52 from 94.35 Thursday.
– The Yen was correcting slightly at 100.20 from Thursday’s 100.08 against the dollar.
– The Yuan was weaker at 6.6517 from 6.6324 Thursday.
– The Pound Sterling was slightly weaker at $1.3122 down from Thursday’s $1.3144.
Yuan Gold Fix
New York closed higher than Shanghai’s whole day as Shanghai gold prices remain steady in Yuan!
It was a rapidly weakening Yuan exchange rate against the dollar that was responsible for dollar gold prices to fall. The combination of the Yuan price of gold and the move in the Yuan exchange rate affecting dollar gold prices this way, is just what the Shanghai Gold Exchange wanted. When they established the Fix an accompanying statement made it clear that it was not just to give SGE gold prices but to promote the use of the Yuan in such dealings. Here it is!
The Yuan throughout the week has being doing just that as it gyrated up and down in the week. The dollar, at the same time, while showing a weakening trend, has been comparatively steady.
This post was published at GoldSeek on 19 August 2016.
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