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Gold and Silver Market Morning: Jan 11 2017 – Shanghai taking gold higher!

news.goldseek.com / Julian D.W. Phillips / 11 January 2017

Gold Today –New York closed at $1,187.20 on the 10th January after closing at $1,182.50 on the 9th January. London opened againat $1,190.40 today.

Overall the dollar is stronger against global currencies today. Before London’s opening:

–         The $: € was stronger at $1.0554: €1 from $1.0611: €1 yesterday.

–         The Dollar index was stronger at 102.09 from 101.66 yesterday.

–         The Yen was weaker at 116.05: $1 from yesterday’s 115.40 against the dollar.

–         The Yuan was stronger at 6.9225: $1, from 6.9244: $1, yesterday.

–         The Pound Sterling was slightly stronger at $1.2156: £1 fromyesterday’s $1.2150: £1.

Yuan Gold Fix

If Shanghai is leading the way for the gold price, we would expect London and New York to rise too. Consequently, the gold price needs to move to $1,200 for it to be in line with Shanghai now.

Shanghai on Tuesday was $13 higher than the close of New York. This morning London opened only $10.59 lower than yesterday’s Shanghai closing. And this strength in gold is happening while the dollar is rising and the Yuan slipping slightly.

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