Gold Today – New York closed Friday at $1,254.30. London opened at $1,254.00 today.
Overall the dollar was weaker against global currencies, early today. Before London’s opening:
– The $: was slightly stronger at $1.1650 after Friday’s $1.1657: 1.
– The Dollar index was weaker at 93.93 after Friday’s 94.09.
– The Yen was stronger at 110.76 after Friday’s 111.69:$1.
– The Yuan was stronger at 6.7503 after Friday’s 6.7697: $1.
– The Pound Sterling was stronger at $1.3041 after Friday’s $1.3001: 1.
Yuan Gold Fix
New York closed nearly $8.00 higher than Shanghai on Friday with London opening only $3 less than Shanghai. If this persists this week with the differentials narrowing as they are, then we will have confirmation that arbitrageurs are proving successful in smoothing out the differences between the global gold markets.
This is a structural change in the global gold market and allows a considerably greater influence of the physical gold market [primarily Shanghai] to impact the gold price and diminish the impact of the ‘paper gold markets of COMEX and the ‘paper’ side of the London gold market, across the world.
This post was published at GoldSeek on 24 July 2017.
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