news.goldseek.com / Julian D.W. Phillips / 17 February 2017
Gold Today –New York closed at $1,239.30 on the 16th February after closing at $1,232.60 on the 15th February. London openedat $1,240.00 today.
Overall the dollar was weaker against global currencies early today. Before London’s opening:
– The $: € was weaker at $1.0645: €1 from $1.0627: €1 onyesterday.
– The Dollar index was weaker at 100.69 from 100.80 onyesterday.
– The Yen was stronger at 112.85:$1 from yesterday’s 113.70 against the dollar.
– The Yuan was weaker at 6.8654: $1, from 6.8603: $1, yesterday.
– The Pound Sterling was weaker at $1.2407: £1 from yesterday’s $1.2494: £1.
Yuan Gold Fix
Shanghai was trading at 275.90 Yuan towards the close today. This equates to $1,249.96, but allowing for the different quality of gold being traded [.9999 fineness] it stands at $1,244.96. Shanghai continues to lead the way over New York by $5 and $3 over London.
With Capital Controls over Yuan outflows reducing turnover volumes in its currency we are watching the classic central bank battles against moves in a currency. We have yet to see a central bank win the battle over controlling an exchange rate.
Read more ... source: The Bitcoin Channel
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