This weeks trading in gold on London and New York markets has been described as ‘lacklustre’, even as confusion about what the Europeans are to do with their sovereign debt and bank capitalisation issues drags on.
The key precious metal got as high as US$1,690 per ounce in New York trading on Monday, after finishing at US$1,678 in London on Friday.
But it ended at US$1,682 in London on Monday, and fell from there in New York another US$12 and is trading at US$1,670 as the trading session nears its close.
The NZ$ fell almost a cent from Friday to Monday, and has opened Tuesday at NZ$1 = US$0.7920 after falling steadily.
In NZ currency, gold is now at NZ$2,110 per ounce on Tuesday morning, up from NZ$2,085 when the London and NY markets closed on Friday.
That is a weekend gain of +1.2% in NZ currency, all on the back of the currency movements.
The world’s first offshore yuan-denominated spot gold contract started trading on Monday in Hong Kong and analysts are touting its convenience for Chinese investors and see it as a step toward making the yuan a global reserve currency.
The Chinese Gold & Silver Exchange said Monday that the service, dubbed “Renminbi Kilobar Gold,” is designed to appeal to both retail and institutional investors.
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