On Wednesday (June 29), the international gold price hit a new low of US$1,815.84 per ounce in the past two weeks, but it was still difficult to get rid of the range-bound pattern. The decline in U.S. bond yields limited the room for the decline of non-yielding assets gold, and the risk of economic recession The upgrade also boosted safe-haven demand for gold.
Although international gold fell today, it did not break through the 1,800 US dollar mark. The decline was limited and no directional trend was formed. Therefore, the overall performance of domestic gold prices today was stable, almost the same as yesterday's gold price, except for Lao Fengxiang prices fell slightly. . This is the gold price announced by the official website of domestic mainstream gold stores today, for reference only:
gold store quotation | today’s gold price | unit | range of change | rise and fall |
old temple gold price | 50 9 | yuan/gram | 0 | flat |
Luk Fook gold price | 509 | yuan/gram | 0 | flat |
Chow Tai Fook gold price | 509 | yuan/gram | 0 | flat |
Saturday Fook gold price | 510 | yuan/gram | 0 | flat |
gold supreme gold price | 509 | yuan/gram | 0 | flat |
Laofengxiang gold price | 511 | yuan/gram | 1 | down |
tide Acer gold price | 509 | yuan / gram | 0 | flat |
Chow Sang Sang gold price | 509 | yuan / gram | 0 | flat 0 |
Caibai gold price | 505 | yuan/gram | 0 | ping |
zhou Dasheng gold price | 513 | yuan/gram | 0 | ping |
Beijing time 15:43, spot gold It fell 0.11% to US$1,817.76 per ounce; the main COMEX gold futures contract fell by 0.14% to US$1,818.6 per ounce; the US dollar index rose by 0.07% to 104.582.
Clifford Bennett, chief economist at ACY Securities, said: "The investment community is increasingly concerned about the deterioration of the global economic environment, which has led to severe deleveraging in many markets, including gold. However, as we have seen in the oil market As seen, these sell-offs may represent excellent long-term investment opportunities and perhaps more importantly a valuable safe-haven trade.”
The market was intensified by the European Central Bank’s (ECB) intention to announce details of its bond-buying program. cautious mood. However, according to CNBC, ECB Chief Economist Lane believes that there are dual risks of spiraling inflation and economic slowdown.
FXStreet analyst Dhwani Mehta issued a report saying: "Gold prices fell below the key support line of $1820.25 per ounce, opening the door to fall to $1800. However, the low of $1808 on June 15 will provide support for the bulls. The bulls need to regain the pennant. The support level (now turned into resistance) of $1822 is likely to rise towards the $1838 area. Above, the moderate upward 200-day moving average will challenge its further rebound. The downward 50-day moving average is at $1853. "It will be the last line of defense for short sellers." TD Securities strategists predict: "Gold is tangled as the hawkish Federal Reserve policy collides with recession concerns."After all, cycles of Fed rate hikes are often associated with rising recession risks. This rate hike cycle is unlike any before because the Fed has limited ability to control inflation given supply chain disruptions. Gold investors expect stagflation may occur, and even so, the central bank facing a credit crisis may continue to raise interest rates . Gold trading remains in a tailspin as it waits for a catalyst to break the deadlock.
Earlier, the United States moved to ban gold imports from Russia, fulfilling a pledge made by leaders of the Group of Seven (G7) this week to impose further sanctions on Russia. However, the move is seen as symbolic because of Russia's pressure on the West Gold exports have dried up.
Gold traders should pay close attention to discussions on monetary policy between the presidents of the United States, the United Kingdom and the European Central Bank at the ECB Forum, which appear to be looking for new impetus.
