news.goldseek.com / Julian D.W. Phillips / 21 October 2016
Gold Today –New York closed at $1,266.10 yesterday after the previous close of $1,269.40 London opened at $1,264.00.
– The $: € was stronger at $1.08.82: €1 from $1.0973: €1 yesterday after Draghi’s statements.
– The Dollar index was stronger at 98.58 from 97.95 yesterday.
– The Yen was unchanged at 103.77: $1 yesterday against the dollar.
– The Yuan was heavily weaker at 6.7638: $1 from 6.7395: $1 yesterday.
– The Pound Sterling was slightly weaker at $1.2226: £1 from Friday’s $1.2275 £1.
Yuan Gold Fix
After Draghi’s remarks the euro slipped against the dollar, but not to the lowest level seen in the last year or so at 1.07, but it was the direction the E.U. wanted The Yuan is clearly being ‘managed’ lower. But this is in the face of a rising dollar. The Pound continues to slip steadily, something that counters the negative effect of the coming Brexit [in two years]. After all, the Pound is 15% cheaper than before the referendum, against a 10.7% fall in the Yuan since the beginning of this year.
LBMA price setting: The LBMA gold price setting was at $1,263.95against yesterday’s $1,269.75. The gold price in the euro was set higher at€1,160.65 against yesterday’s €1,154.63.
Ahead of the opening of New York the gold price was trading at $1,266.45 and in the euro at €1,262.63. At the same time, the silver price was trading at$17.54.
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