Gold and Silver Market Morning: July 3 2017 – Gold slipping before the holiday!

Gold Today – New York closed at $1,241.40 Friday after closing at $1,244.30 Thursday. London opened at $1,235.25 today.
Overall the dollar was stronger against global currencies, early today. Before London’s opening:
– The $: was stronger at $1.1398 after Friday’s $1.1406: 1.
– The Dollar index was stronger at 95.86 after Friday’s 95.73.
– The Yen was stronger at 111.99 after Friday’s 112.55:$1.
– The Yuan was weaker at 6.7880 after Friday’s 6.7793: $1.
– The Pound Sterling was stronger at $1.3007 after Friday’s $1.2984: 1.
Yuan Gold Fix
New York weakened on Friday after Shanghai and London weakened. This morning Shanghai weakened further setting the stage for London to fall. As you can see London is also seeing downward pressure as the U. S. dollar strengthened a little against all currencies bar the Pound Sterling.
We have yet to see the authorities in China give a signal that they are happy with any particular level of the Yuan. What we do know is that it is unlikely to approach 7.00 against the dollar in the foreseeable future. One should now focus on the Yuan against all currencies, not just the dollar.
We do see friction increasing between China and the U. S. on the political front and expect to see greater efforts on all fronts to reduce reliance on the U. S. dollar in their reserves as tensions grow.

This post was published at GoldSeek on 3 July 2017.