On Tuesday (August 23), the international gold price rebounded weakly. Affected by this, domestic gold prices fluctuated today, with most gold stores falling, and the average price was 497 yuan/gram. However, Cai Bai and Chow Sang Sang gold also started to make up for the increase today. Today, the overall domestic gold price is in a delicate balance. This is the gold price announced by the official website today for reference only:
gold store quotation | today’s gold price | unit | range of change | rise or fall |
old temple gold price | 496 | yuan/gram | 0 | flat |
Luk Fook gold price |
| yuan/gram | down | |
Chow Tai Fook gold price |
| yuan/gram | down | |
Saturday blessing gold price |
| yuan/gram | drop | |
gold supreme gold price |
| yuan/gram | drop | |
Lao Fengxiang gold price | 501 | yuan/gram | 0 | flat |
Chao Acer gold price | 498 | yuan/gram | 0 | flat |
Chow Sang Sang gold price |
| yuan/gram | up | |
dish hundred gold price |
| yuan/gram | 5 | up |
Chow Dasheng gold price | 500 | yuan/gram | 0 | flat |
As the US dollar continues to strengthen, reaching a new high of 109.28 since July 14, which weakens the attractiveness of gold, investors still expect the Federal Reserve to continue to aggressively raise interest rates . However, the prospect of economic recession has limited the decline in gold prices, and bears may prefer to wait for important events to occur this week before making a decision.
At 14:51 Beijing time, spot gold rose 0.02% to US$1,736.48/ounce; the main COMEX gold futures contract rose 0.04% to US$1,749.1/ounce; US dollar index rose 0.20% to 109.181.
Matt, Senior Market Analyst, City Index Simpson said: "There are concerns that Fed Chairman Powell will deliver a hawkish message at the annual global central bank meeting in Jackson Hole, which has caused the dollar to surge and put pressure on gold. CBOE Gold Volatility Index rose, put options bought Incoming transactions are also increasing. Gold investors have reason to worry that gold prices may fall to $1,700.
Against the backdrop of rising food and energy prices, the fight against inflation by global central banks, including the Federal Reserve, may continue. Since March, the Federal Reserve has rapidly raised interest rates and made hawkish comments about further tightening, reducing gold's appeal as an inflation hedge. Since breaking through the important round figure of $2,000 an ounce in early March, gold prices have fallen by more than $300.
The prospect of further interest rate hikes by the Federal Reserve still supports the rise in U.S. bond yields. Fundamentals suggest that the path of least resistance for gold is to the downside, although bearish traders may prefer to wait for important events this week before making a decision.
Powell will deliver a highly anticipated speech on Friday (August 26) at the annual meeting of global central banks in Jackson Hole, Wyoming, which may herald the ultimate peak in U.S. borrowing costs in this interest rate hike cycle. But Powell may also warn of a recession at the same time, which limits the pace of gold's decline. Federal funds futures currently predict that the Federal Reserve will raise interest rates by at least 50 basis points in September, and the probability of meeting the target for a third consecutive 75 basis point interest rate hike is less than 60%.
html The US July new home sales data to be released later in the day will be regarded as a new driving force for the market. Once the numbers disappoint, the market's immediate reaction is that the dollar finds it difficult to maintain strength and helps gold prices rebound.
