news.goldseek.com / Julian D.W. Phillips / 26 May 2017
Gold Today –New York closed at $1,256.10 yesterday after closing at$1,257.20 Wednesday. London opened at $1,263.10 today.
Overall the dollar was slightly stronger against global currencies, early today. Before London’s opening:
– The $: € was slightly stronger at $1.1227 after yesterday’s $1.1234: €1.
– The Dollar index was slightly stronger at 97.08 after yesterday’s97.01.
– The Yen was slightly stronger at 111.10 after yesterday’s 111.80:$1.
– The Yuan was stronger at 6.8615 after yesterday’s 6.8737: $1.
– The Pound Sterling was weaker at $1.2871 after yesterday’s $1.2973: £1.
Yuan Gold Fix
New York closed $6.08 lower than Shanghai’s close yesterday. London opened today at a $3.87 discount to Shanghai.
And there you have it. The evidence is clear that Shanghai is pulling both London and New York higher. Shanghai followed New York on the world clocks with London opening after that. While both London and New York are more volatile than Shanghai, Shanghai gold prices in the Yuan have moved steadily higher over the last few days.
This was in the face of the People’s Bank of China trying to control the Yuan and change the formula on which it is permitted to trade.