Gold Today New York closed at $1,273.60 yesterday after the previous close of $1,273.60 London opened at $1,266.00.
- The $: was weaker at $1.0920: 1 from $1.0911: 1 yesterday.
- The Dollar index was stronger at 98.82 from 98.59 yesterday.
- The Yen was weaker at 105.32: $1 from yesterdays 104.13 against the dollar.
- The Yuan was weaker at 6.7802: $1 from 6.7720: $1 yesterday.
- The Pound Sterling was weaker at $1.2126: 1 from yesterdays $1.2187 1.
Yuan Gold Fix
Please note that the Shanghai Fixes are for 1 gm of gold. From the Middle Eat eastward metric measurements are used against 0.9999 quality gold. [Please note that the 0.5% difference in price can be accounted for by the higher quality of Shanghais gold on which their gold price is based over Londons good delivery standard of 0.995.]
Take a look at the last three days of Shanghai gold Fixings. Allow for the different qualities of gold being priced and you see Shanghai holding higher than New York and London. And this is in the face of heavy sales of physical gold from the U.S. We need to watch this pattern and see if there are more bear raids to come? If there are and the gold price holds over $1,265, then we are Article source: http://news.goldseek.com/GoldForecaster/1477660624.php
Article source: http://news.goldseek.com/GoldForecaster/1477660624.php