Gold and Silver Market Morning: Feb 22 2017 – Gold is consolidating higher!

Jon Gold, Market Commentary, Precious Metals, Silver

Gold Today – New York closed at $1,236.30 on the 21st February after closing at $1,239.00 on the 20th February. London openedat $1,235.00 today.
Overall the dollar was stronger against global currencies early today. Before London’s opening:
– The $: was stronger at $1.0505: 1 from $1.0558: 1 onyesterday.
– The Dollar index was stronger at 101.59 from 101.37 onyesterday.
– The Yen was stronger at 113.32:$1 from yesterday’s 113.56 against the dollar.
– The Yuan was stronger at 6.8818: $1, from 6.8866: $1, yesterday.
– The Pound Sterling was stronger at $1.2491: 1 from yesterday’s $1.2423: 1.
Yuan Gold Fix
At the close in Shanghai today, the gold price was trading at 275.8 Yuan, which directly translates into $1,246.53. But allowing for the difference of gold being traded this equates to a price of $1,241.53. This is $5 higher than New York and $1 higher than London. We watch to see if London and New York continue to follow Shanghai or not.
LBMA price setting: The LBMA gold price was set today at$1,237.50 up from yesterday’s $1,228.70.
The gold price in the euro was set higher at 1,177.79 after yesterday’s1,166.30.

This post was published at GoldSeek on 22 February 2017.