Gold Today – New York closed at $1,169.10 yesterday after closing at $1,176.50 on the 5th December. London opened again at $1,171.00today.
Overall the dollar is slightly stronger against global currencies today.
– The $: was slightly stronger at $1.0728: 1 from $1.0739: 1 yesterday.
– The Dollar index was weaker at 100.50 from 100.32 yesterday.
– The Yen was slightly weaker at 114.15: $1 from yesterday’s 114.04 against the dollar.
– The Yuan was slightly weaker at 6.8839: $1 from 6.8802: $1 yesterday.
– The Pound Sterling was weaker at $1.2614: 1 from yesterday’s $1.2754: 1.
Yuan Gold Fix
Once again Shanghai prices are pretty stable sitting around $21 higher than New York and $19 above London’s opening [allowing for the difference in the quality of gold priced in the different markets].
With Chinese prices stable at higher levels, it appears that when speculators sell without the backing of physical gold sales prices in Shanghai ignore New York’s prices. Shanghai therefore appears less dependent on the other global gold markets as it walks its own physical gold road. Once U. S. ETF sales halt we should see Shanghai prices take a more dominant role.
This post was published at GoldSeek on 7 December 2016.
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