Gold Today -New York closed at $1,254.30 Friday after the previous close of$1,268.60. London opened at $1,263.00.
– The $: was stronger at $1.1174: 1 from $1.1199: 1 Friday.
– The Dollar index was stronger at 96.71 from 96.23 Friday.
– The Yen was stronger at 103.16: $1 from 103.62: $1 Friday against the dollar.
– The Yuan was weaker at 6.7010: $1 from 6.6895: $1 Friday.
– The Pound Sterling was heavily weaker at $1.2380: 1 from Friday’s $1.2728:1.
Yuan Gold Fix
Shanghai is back from holiday. And they were not prepared to accept New York’s physical free price of $1,254 trading $11 – $13 higher. We remind ourselves that Shanghai is the biggest physical market in the world. It is also the first time Chinese investors and the PB o C has had the opportunity to react to the Yuan being one of the world’s leading currencies as one of those making up the SDR. In addition let’s also remind ourselves that there is no love lost between the U. S. and China as China is a separately developing ‘empire’ to that of the developed world.
We note how Thailand acceded to pressure from China on one of the Chinese dissidents and is sending him back to China. We have long made the point that pressure from Chinese reaches throughout Asia, including Singapore, where some believe their gold is free from potential interference from all other nations. Not so!
This post was published at GoldSeek on 10 October 2016.
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