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Gold Down Against Swiss Franc Despite Threat Of Currency Intervention

(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.

 

By Neils Christensen of Kitco News; nchristensen@kitco.com

 

 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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