precious metals market, gold prices continued to rise on Tuesday. Gold closed at US$1,726.47, up 1.57% ( Futures Gold closed at 390.82 yuan in the previous trading day, up 0.55%); silver closed at US$21.07, up 1.74% (futures silver closed at 4,424 yuan in the previous trading day, up 1.42%). The most active gold futures market in New York's gold futures market closed up 1.92% and closed at $1,734.7.
crude oil market, WTI crude oil futures closed up 3.28% to US$86.37 per barrel; Brent crude oil futures closed up 3.26% to RMB 91.76 per barrel. (The domestic crude oil futures contract closed at 634.4 yuan on the night trading day, an increase of 1.15%).
Basic analysis of precious metals
Analysis of the main influencing factors of the market, the following aspects have a great impact on the price trend of precious metals.
First of all, in terms of data, the actual monthly rate of factory orders in the United States in August was 0%, lower than the expected value of 0.3 and higher than the previous value -1; the United States has fewer data, which has a less impact on the foreign exchange trend of the US dollar and gold crude oil.
Second, according to US media reports, data from the US Treasury Department report shows that the total amount of US Treasury bonds exceeded US$31 trillion for the first time on the 3rd. Analysis points out that although some policymakers once thought it was affordable for the U.S. government to borrow to hit record levels in order to fight the epidemic and fiscal tax cuts, these higher interest rates have made the U.S. debt cost higher over time. US Treasury yields mostly fell, the 2-year US Treasury yield fell 1.9 basis points to 4.105%, the 3-year US Treasury yield fell 1.5 basis points to 4.107%, the 5-year US Treasury yield fell 2.4 basis points to 3.86%, the 10-year US Treasury yield fell 0.5 basis points to 3.639%, and the 30-year US Treasury yield rose 1.6 basis points to 3.698%.
Third, global stock markets closed on Tuesday, the three major indexes of US stocks rose sharply, Nasdaq rose 3.34% to 11,176.41 points; Dow Jones rose 2.80% to 30,316.32 points. S&P 500 rose 3.06% to 3,790.93 points. Large technology stock rose across the board, Twitter soared by more than 22%. Musk plans to advance the acquisition case at the original price; bank stocks generally rose, and Chinese stock rose significantly. The rebound trend of US stocks has brought some motivation to the current rebound of gold and silver.
Fourth, the yield on the US 10-year Treasury bond rose from the lowest 0.91% in 2021, and then fell back after reaching a high of 1.77%. In August 2021, it bottomed out at 1.17% and rose again; yesterday, fluctuated narrowly in , and closed around 3.619% in the morning on October 5. The fluctuation and decline of US bond yields shocked the rebound of gold prices.
is fifth, the world's largest gold ETF-SPDR increased by 1.74 tons on October 4, 2022, and the total holdings increased to 944.63 tons. Since September, it has maintained 16 reductions and 4 increases in holdings. iShares, the world's largest silver ETF, decreased by 93.23 tons on October 4, 2022, and its total holdings decreased to 14,864.98 tons. The current overall increase in silver ETF holdings is not conducive to the rebound trend of gold and silver prices.
No. 6, According to the Reference News Network, citing NBC, U.S. President Biden said in a private conversation at the White House last month that he would seek re-election. Previously, although Biden's allies said he would seek re-election, Biden himself has been avoiding it. U.S. President Biden told Aar Shapton, the leader of the African-American civil rights movement, in a private conversation at the White House last month that he would seek re-election. Later that day, Shapton informed the staff of the National Action Network in Washington.
Overall, BRICS Huitong's recent views are as follows: Gold prices continue to fluctuate and rise, as the yields of US dollar and US Treasury bonds fall, investors hope that Fed can adopt a less aggressive rate hike method. The 10-year U.S. Treasury yield fell, and the dollar expanded its decline, making gold lower for holders of other currencies. In the short term of the day, gold tries to pull back to the low point and try to go long. In the general trend, we continue to judge that the gold and silver operation level will continue to focus on buying on batches and dips.
