Gold and Silver Market Morning: Aug-31-2016 — Gold and silver slipping but sitting on strong support above $1,300!

Jon Gold, Market Commentary, Precious Metals, Silver

Gold Today -Gold closed in New York at $1,310.90 on Tuesday after Monday’s close at $1,323.20. London opened at $1,313.
– The $: was stronger at $1.1136 from $1.1172 yesterday.
– The dollar index was stronger at 96.11 from 95.76 yesterday.
– The Yen was weaker at 103.24 from yesterday’s 102.37 against the dollar.
– The Yuan was slightly stronger at 6.6787 from 6.6800 yesterday.
– The Pound Sterling was stronger at $1.3102 from yesterday’s $1.3072.
Yuan Gold Fix
Shanghai was stronger than New York yesterday, then London walked the middle road opening at $1,313. The dollar is again strong today, but the Yuan was slightly stronger still. We are aware of the care with which the People’s Bank of China is handling the exchange rate so as to not appear to be purposely devaluing against the dollar, with only a month to go before the Yuan is home and dry as part of the S. D. R.
The dollar continues to strengthen.
LBMA price setting: The LBMA gold price setting on Wednesday was at$1,314.45. On Tuesday it was at set at $1,318.85.
The gold price in the euro was set on Wednesday at 1,180.04 down onTuesday’s 1,180.71.

This post was published at GoldSeek on 31 August 2016.