On Friday (October 14), international gold price rose slightly, boosted by the decline in US dollar and US bond yields. The domestic gold price has fallen slightly. There are already 4 gold stores with gold prices below 500 yuan. The price of weekly Shengsheng and Laomiao Gold is 497 yuan/gram, and the price of China Gold is only 488 yuan/gram at the lowest price, and the price of 492 yuan/gram is 492 yuan/gram at Caibai Gold. This is the gold price announced on the official website today, for reference only:
Gold store quote | Today's gold price | Unit | Change amplitude | Rises and falls | |||
Laomiao yellow Gold price | 497 | yuan/g | 4 | 4 | drop | ||
6fu Gold price | 502 | 502 | 0 | flat | |||
weekly dafu gold price | 502 | yuan/g | 0 | 0 | flat | flat | |
Saturday bless gold price | 50 3 | yuan/g | 0 | flat | |||
gold supreme gold price | 502 | yuan/g | 0 | 0 | flat | ||
Lao Fengxiang Gold price | 504 | yuan/g | 0 | 0 | flat | ||
Chao Acer Gold price | 502 | yuan/g 0 | 0 | flat | |||
weekly gold price | 497 | yuan/g | 4 | 4 | drop | ||
vegetable 10 gold price | 492 | yuan/g | 0 | flat | |||
China gold price | 488 | yuan/g | 0 | 0 | flat | ||
Weekly Big Gold Price | 508 | yuan/gram | 0 | 0 | flat |
Although the market expects Feder to once again exceed the large scale interest rate hike continues to strengthen, and gold prices continue to be bearish in the short term, but in the face of economic headwinds, radical bearish traders should act cautiously.
The latest data from CME Group shows that the open contracts in the overnight COMEX gold futures market have increased for the second consecutive day, but the increase is only 856 lots; the trading volume has increased significantly by nearly 109,000 lots. As the price fell on the day, open contracts and trading volume increased, suggesting that gold prices may still fall further in the short term.
overnight data showed that the U.S. consumer price index rose by in September, with rent increase reaching a new high since 1990, and food costs also rose, with core CPI rising 6.6% year-on-year. Fed policymakers unanimously agreed to push monetary policy into restrictive areas, and even if inflation drops, officials are committed to keeping interest rates high for a longer period of time. "The continued rise in inflation shows that the Fed is unlikely to preemptively stop hiring rate hikes , which suggests that restrictive interest rates will last for a long time and the continued downward trend of gold prices may prevail."
traders generally expect the Fed to raise interest rates for the fourth consecutive time by the end of its policy meeting in November. Although gold is often seen as an inflation hedge tool, rising interest rates reduce the attractiveness of gold in non-interested assets.
will release U.S. retail sales data for September on Friday. TD Securities analysts said that after a 0.3% month-on-month increase in August, we expect further retail sales in September. ''Spensions may be boosted by another increase in car sales and gas station sales for the first time in three months.Importantly, sales in the control group may remain sluggish, while sales in the restaurant segment may slow to crawl after a 1.1% increase in August.
Looking forward to the future, the biggest question is whether the rebound of gold prices is due to fundamental factors or is it just shorts covering ? "The market seems to be accepting aggressive rate hikes, and the focus may shift to the consequences of such policies." Stephen Innes, managing partner of
SPI Asset Management, said: "Gold will not see support in the short term, but in a sense, the Fed may suspend policy tightening. In the medium term, gold is more likely to rise than fall, and we will witness the negative performance of the global economy , which may eventually make the policy balance tend to cut interest rates."
FXStreet's Haresh Menghani's report said: "The gold price failed to break upwards through the $1682-1684 range overnight, indicating that the path of the gold price has the least resistance to the downward trend. It is very likely to re-slide downward to the year's low of $1615. It is expected to challenge the important mark of $1600 after falling below. The $1682-1684 region may continue to be a strong resistance before the bulls hit the $1700 mark, but if the breakthrough is successful, gold may accelerate its rebound and retest the high of $1728 to $1730 region."
Due to the rapid rise in borrowing costs and the risk of geopolitical , radical bearish traders should act cautiously in the face of economic headwinds. Therefore, the approach is to wait for a strong subsequent sell-off below $1,660 before determining whether there is meaningful downside space.
