After several months of consolidation, domestic and foreign gold prices have risen again recently, and are full of "ox" energy.
On September 9, the spot gold price of Shanghai Gold Exchange closed at 832 yuan per gram, and the main contract of gold futures on the Shanghai Futures Exchange stood on the market834 yuan per gramboth above, both set new historical highs. The quotation of gold jewelry in gold stores such as Chow Tai Fook reached 1,073 yuan per gramabout 1,073 yuan per gramin two weeksincrease by 64 yuan.
International gold prices are rising even more vigorously. London spot gold price broke through the historical threshold of $3600 on September 8, after breaking through the historical mark of $3650 on September 9, rising again on September 9, breaking through the ounce per ounce during the session$3650 --tt-darkmode-color: #A3A3A3;">. New York gold futures reached $3690 per ounce intraday in September 9$3690.
The latest round of gold price increases began on August 20. Within more than ten trading days, domestic gold prices rose by more than 7%7%, and the international gold prices rose by about 10%. Looking at the timeline, the domestic spot gold price has risen by more than 35% since the beginning of this year, and the London spot gold has risen by more than 39%39%.
As the strong rise of international gold prices, domestic gold prices have once again "discounted" compared to the international market. Data from the World Gold Council shows that by September 5, the domestic gold price was still 8.1 US dollars lower than the international gold price per ounce since September. Since September, this figure has once expanded to US$16.7 US dollars per ounce.
In the eyes of many analysts, the Fed's expectation of rising interest rate cuts, the weakening of the US dollar, global central banks' gold purchases, and intensifying geopolitical uncertainty and other factors have become important "pushers" for this round of gold strengthening.
Huaan Fund believes that the US non-farm employment data in August was lower than expected, and the market further increased its bet on the Federal Reserve's interest rate cut in September. The large cycle of interest rate cuts pushed the opportunity cost of holding gold down, which was good for gold.
Moon data from the World Gold Council showed that in August, the global gold ETF net inflow was 53.4 tons, significantly higher than the 22.6 tons in July. The Office of UBS Wealth Management Investment Director believes that in the medium term, gold demand will continue to rise. "UBS raises its annual gold ETF demand forecast from 450 tons to nearly 600 tons. In addition, UBS expects global central bank gold purchase demand to continue to remain strong."
Content comes from Xinhua News Agency
Han Yeqing, Editor of China Banking and Insurance News
