Gold and Silver Market Morning: May 02 2017 – Gold is consolidating!

Gold Today – New York closed at $1,257.20 yesterday after closing at$1,265 Friday. London opened at $1,255.00 today.
Overall the dollar was stronger against global currencies early today. Before London’s opening:
– The $: was stronger at $1.0908 after Friday’s $1.0940: 1.
– The Dollar index was stronger at 99.13 after Friday’s 98.76.
– The Yen was weaker at 112.14 after Friday’s 111.37:$1.
– The Yuan was weaker at 6.8969 after Friday’s 6.8944: $1.
– The Pound Sterling was weaker at $1.2875 after Friday’s $1.2939: 1.
Yuan Gold Fix
The Shanghai Gold Exchange was trading at 281.30 towards the close today. This translates into $1,263.60. New York closed at a $6.40discount to Shanghai’s close yesterday. London opened at a discount of$8.60 to Shanghai’s close today.
Shanghai re-opened today after the May Day holiday so will not be at usual speed until tomorrow.

This post was published at GoldSeek on 2 May 2017.