GoldCore Update: USD Wobbles on Chinese Currency Diversification Concerns

Gold
Gold closed trading at $1,039.80/oz In euro and GBP terms gold is trading at €699/oz and £635/oz. Support for Gold is currently seen at $1,030/oz and resistance at $1,053/oz.

Gold fell yesterday as oil prices and equities came under pressure and the dollar rose. The dollar has fallen marginally today after the People’s Bank of China said that while the dollar may remain dominant, the share of the euro and the yen should increase in its foreign exchange reserves. Diversification of China’s nearly $2.3 trillion stockpile of foreign exchange reserves is a long-standing policy that aims to avoid short-term volatility, a senior central banker said.  Officials in the People’s Bank of China recently stated that they were increasing their gold reserves which currently constitute just some 2% of their entire foreign exchange reserves.

(Gold, yuan-denominated)

Silver
Silver is trading at $17.08/oz. In euro and GBP terms silver is trading at €11.47/oz and £10.43/oz.

Platinum Group Metals
Platinum is trading at $1,331/oz while rhodium and palladium are trading at $1,800/oz and $333/oz respectively.

Find out First – Register Now For GoldCore’s Exclusive Market Updates

Stephen Flood

Stephen Flood is the CEO of GoldCore. He is a former Wall Street equity trader and FinTech expert. He has been involved in the precious metals markets since 2004 and has appeared as an expert contributor on CNBC, CNN, BBC, RTE & Bloomberg TV and has had articles published in the Irish Times, Irish Independent and The Sunday Business Post.

Also on news-goldcore-com

Videos

What we can Learn from the International Gold Market

Jim Rogers Interview 2022

US CPI Data Release Update

Blog posts

Brace Yourself for the Impact

Fed’s message this week – higher rates, lower economic growth, higher unemployment. The Fed hiked interest rates by 75 basis points for the third straight meeting and the statement said that the committee anticipates further increases. The Summary of Economic Projections (SEP) showed that the median projection is for a further 1.25% increase by yearend. […]

READ MORE

What we can Learn from the International Gold Market

Today’s guest on GoldCore TV thinks it’s very likely that in the next ten years we will be moving onto a new gold standard. It is of course, not uncommon for gold market commentators to say something along these lines. But Jan Nieuwenhuijs is a gold analyst, who is bringing the chat around gold demand […]

READ MORE

Jim Rogers Interview 2022

We last spoke to Jim Rogers way back in January. He told us then that we were set to see the ‘worst bear market’ in his ‘lifetime’.  Since then, a lot has changed. Russia has invaded Ukraine, inflation has gone on a tear, Europe is facing a major energy crisis and the US has been […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

What we can Learn from the International Gold Market

Jim Rogers Interview 2022

US CPI Data Release Update

Blog posts

Brace Yourself for the Impact

Fed’s message this week – higher rates, lower economic growth, higher unemployment. The Fed hiked interest rates by 75 basis points for the third straight meeting and the statement said that the committee anticipates further increases. The Summary of Economic Projections (SEP) showed that the median projection is for a further 1.25% increase by yearend. […]

READ MORE

What we can Learn from the International Gold Market

Today’s guest on GoldCore TV thinks it’s very likely that in the next ten years we will be moving onto a new gold standard. It is of course, not uncommon for gold market commentators to say something along these lines. But Jan Nieuwenhuijs is a gold analyst, who is bringing the chat around gold demand […]

READ MORE

Jim Rogers Interview 2022

We last spoke to Jim Rogers way back in January. He told us then that we were set to see the ‘worst bear market’ in his ‘lifetime’.  Since then, a lot has changed. Russia has invaded Ukraine, inflation has gone on a tear, Europe is facing a major energy crisis and the US has been […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE