Gold and Silver Market Morning: Jan 18 2017 – Gold and Silver moving higher with a lower $!

Jon Gold, Market Commentary, Precious Metals, Silver

Gold Today – New York closed at $1,215.60 on the 17th January after closing at $1,196.20 on the 16th January. London opened at $1,213.00today.
Overall the dollar is weaker against global currencies today. Before London’s opening:
– The $: was weaker at $1.0687: 1 from $1.0650: 1 yesterday.
– The Dollar index was weaker at 100.69 from 101.09 yesterday.
– The Yen was almost unchanged at 113.45: $1 from yesterday’s 113.44 against the dollar.
– The Yuan was stronger at 6.8425: $1, from 6.8860: $1, yesterday.
– The Pound Sterling was stronger at $1.2298: 1 from yesterday’s $1.2115: 1.
Yuan Gold Fix
Shanghai gold held the same levels as yesterday, today, of around 272 Yuan. Because of the PBoC’s selling dollars to strengthen the Yuan it does seem that the gold price in the dollar jumped over $13 on yesterday in Shanghai.
If one takes today’s Yuan exchange rate and uses that to translate 272 Yuan into a dollar price you arrive at $1,236. In the last week the Yuan exchange rate has gone from 6.94 to 6.84 with the gold price in Yuan rising 8 Yuan at the same time.

This post was published at GoldSeek on 18 January 2017.