Gold and Silver Market Morning: April 27 2017 – Gold building strength below $1,300!

Jon Gold, Market Commentary, Precious Metals, Silver

Gold Today – New York closed at $1,269.50 yesterday after closing at$1,263.80 Tuesday. London opened at $1,264.40 today.
Overall the dollar was weaker against global currencies early today. Before London’s opening:
– The $: was weaker at $1.0892 after yesterday’s $1.0877: 1.
– The Dollar index was weaker at 99.01 after yesterday’s 99.19.
– The Yen was stronger at 111.30 after yesterday’s 111.47:$1.
– The Yuan was weaker at 6.8940 after yesterday’s 6.8907: $1.
– The Pound Sterling was stronger at $1.2900 after yesterday’s $1.2815: 1.
Yuan Gold Fix
The Shanghai Gold Exchange was trading at 283.00 towards the close today. This translates into $1,272.42. New York closed at a $2.92 discount to Shanghai’s close yesterday. London opened at a discount of$8.02 to Shanghai’s close today.
While Shanghai’s gold prices continue to slip, New York took prices up to the level of Shanghai’s close yesterday [Take $5 off Shanghai prices in the table to see that, to account for the difference in the quality of gold being priced] but London pulled prices back at its opening.

This post was published at GoldSeek on 27 April 2017.