Gold Today – New York closed at $1,201.50 on the 19th January after closing at $1,205.60 on the 18th January. London opened at $1,202.45 today.
Overall the dollar is weaker against global currencies today. Before London’s opening:
– The $: was weaker at $1.0679: 1 from $1.0652: 1 yesterday.
– The Dollar index was weaker at 100.97 from 101.20 yesterday.
– The Yen was stronger at 114.73: $1 from yesterday’s 114.80 against the dollar.
– The Yuan was almost unchanged at 6.8765: $1, from 6.8767: $1, yesterday.
– The Pound Sterling was stronger at $1.2355: 1 from yesterday’s $1.2302: 1.
Yuan Gold Fix
Shanghai consolidated yesterday pulling back 3 Yuan or just over 1% with the Yuan a tiny bit stronger against the dollar. The fall does not indicate any more than a healthy correction.
Does this express a loss of pricing power? New York is at a $7 discount to Shanghai and London a narrowing of over $14. It would appear so [ but only on a daily basis]. But Shanghai could drive prices tomorrow. We have to allow for corrections where demand on a daily basis [because prices have run too high?] pulls back and supply dominates for the short time it happens, before demand comes back at lower levels.
This post was published at GoldSeek on 20 January 2017.
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