Suppressed by the surge in the US dollar, spot gold has fallen for the sixth consecutive trading day as of Monday. Yesterday, spot gold in the international market closed at US$1,736.09 per ounce, down US$10.79. Among them, the price of gold fell to a low of around US$1,728 per ounce on Monday, the lowest in nearly a month. As of 12:00 noon on August 23, Beijing time, the price of international spot gold was still below US$1,740.
But Beijing Youth Daily reporters learned from many gold stores in Beijing that although the international gold price continues to fall, the price of gold jewelry on the market has not been reduced in recent days. The current price of 999 pure gold is still 496 yuan/gram. This The price has not changed since August 18th. In this regard, gold store analysts pointed out that gold jewelry is priced in RMB. When the gold price and US dollar index are both changing, the RMB pricing of gold jewelry will be affected by both the gold price and the exchange rate . In the recent period, , the exchange rate of RMB against the US dollar has fallen, which has offset the price changes of domestic gold jewelry to a certain extent. This also reminds investors that when trading gold, they must consider the general trend of international gold prices and the exchange rate fluctuations of the US dollar and RMB at the same time.
It is understood that Federal Reserve Chairman Powell will talk about the U.S. economic outlook at 10 a.m. Eastern Time on August 26 (22:00 Beijing time on August 26). The outside world believes that this speech may determine how far the Federal Reserve will raise interest rates. This will have an impact on gold prices as it gives hints about this level and how long high interest rates will last to reduce soaring inflation. Investors pointed out that gold prices are currently being suppressed by the strong U.S. dollar and U.S. debt. The gold market has disappointed many investors since the third quarter of this year. Gold prices have been in a sharp downward trend and failed to hold gains above $1,800.
It is reported that the world's largest gold fund SPDR Gold Trust increased its position by 3.18 tons on August 19, and the total ETF holdings were 989.01 tons. gold ETF increased its position by 118.1 tons in the first quarter, reduced its position by 43.16 tons in the second quarter, and reduced its position by 61.3 tons in the third quarter. ton. The total holdings in 2022 will drop to 13.64 tons. Judging from the outflow trend of gold ETFs, the market is still bearish on the future trend of gold.
Text/Beijing Youth Daily reporter Zhang Qin
Editor/Tian Tian
