Gold Down Against Swiss Franc Despite Threat Of Currency InterventionBy Kitco News
Monday August 01, 2016 12:00
(Kitco News) - Gold is seeing modest strength in the broader currency markets at the start of a new trading month; however it is lagging against the Swiss franc, despite the threat of direct market intervention from a major global central bank.
Overnight, at a central bankers’ conference in Bali, Indonesia, Swiss National Bank Chairman Thomas Jordan said that the bank has room to weaken its overvalued currency.
“The balance sheet is big but we still have room to intervene,” he said at the conference. “We look at the costs and benefits of intervention. There is no limit to the balance sheet.”
Despite the comments the gold is seeing its worst performance against the Swiss franc in currency markets Monday.
Kitco’s gold currency charts shows that gold is down 0.09% against the Swiss franc, which is the worst performance among other major currencies.
Gold has recently turned positive against the U.S. dollar, trading up 0.10%. Gold is seeing its biggest gains against the Canadian dollar as the yellow metal is up 0.6% on the day.