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Gold and Silver Market Morning: June 26 2017 – Gold knocked back to $1,240 early after London’s opening!

news.goldseek.com / Julian D.W. Phillips / 26 June 2017

Gold Today –New York closed at $1,255.90 Friday after closing at $1,249.40 Thursday. London opened at $1,245.00 today. 

Overall the dollar was slightly weaker against global currencies, early today. Before London’s opening:

–         The $: € was weaker at $1.1199 after Friday’s $1.1145: €1.

–         The Dollar index was weaker at 97.25 after Friday’s 97.36.

–         The Yen was weaker at 111.49 after Friday’s 111.21:$1.

–         The Yuan was weaker at 6.8427 after Friday’s 6.8374: $1.

–         The Pound Sterling was stronger at $1.2751 after Friday’s $1.2732: £1.

Yuan Gold Fix

Shanghai is leading the way up again as New York closed $2.60 lower than Shanghai’s close on Friday. This morning Shanghai started the week nearly $4 higher than New York’s Friday close as the Yuan weakened against a weakening dollar. We note that the P.B. of C. has stated it wants to trade against a basket of currencies not just the dollar but today while other currencies are stronger against the dollar the Yuan is weaker. We do not draw off conclusions from daily changes, but realize that a pattern over a period establishes a currency’s behaviour.

The week’s tone in Shanghai continued Friday’s positive tone as the gold price confirmed its turnaround from the slipping pattern of the week before Friday. But when London opened it quickly fell $10 to $1,245 quickly.

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