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.

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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.

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