On Tuesday (October 18), the international gold price of rose slightly. After the domestic gold price fell across the board yesterday, the gold prices in some gold stores began to rise slightly today, and half of the gold stores remained unchanged. Except for Lao Fengxiang and Zhou Dasheng gold, the gold price remained below 500 yuan per gram. This is the gold price announced by the official website of the gold shop today. It is for reference only:
Gold store quote | Today's gold price | Unit | Change range | rise and fall | ||||
Laomiao Gold price | 496 | yuan/gram | 1 | 1 | rise | |||
6fung Gold price | 497 | yuan/g | 0 | flat | ||||
Zhou Dafu gold price | 499 | yuan/g | 2 | rise | ||||
Saturday blessed gold price | 498 | yuan/gram | 0 | 0 | flat | |||
gold supreme gold price | 497 | yuan/g | 0 | flat | ||||
Lao Fengxiang gold price | 502 | yuan/g | 0 | flat | html ml11 | |||
Thao Acer Gold price | 499 | yuan/g | 2 | 2 | rise | |||
weekly Shengsheng Gold price | 496 0 | yuan/g | 2 | 0 rise | ||||
vegetable 10 gold price | 489 | yuan/g | 0 | 0 | flat | |||
weekly dasheng gold price | 508 | yuan/g | 0 | 0 | flat |
Beijing time 15:18, spot gold rose 0.18% to 1653.07 USD/oz; USD index fell 0.04% to 112.052. Stephen Innes, managing partner of
SPI Asset Management, said that Federal tough remarks are still affecting gold. "We need to see a sharp decline in (USD) to generate a huge motivation to drive gold higher." The latest data from
CME Group showed that the open contracts in overnight COMEX gold futures market decreased by about 4,200 lots, ending the previous three consecutive days of increase; trading volume decreased for two consecutive trading days, with a drop of about 43,400 lots. Open contracts and trading volume decreased, gold prices gave up most of the rise in the day, and short-term prices were expected to turn down at any time.
Fed officials acknowledged that the initial rate hike of was too slow to catch up in recent months as the economy rebounded from the pandemic-induced downturn. However, inflation pressure still has no turning point. Despite the drop in energy prices in September, rents rose and services prices rose particularly fast, suggesting inflation could drive wages higher.
Gold may restart its decline at any time as the Federal Reserve hawk bets soar. According to the latest data from the CME Group's "Feder Watch" tool, the probability of the Fed raising interest rates for the fourth consecutive time in November is 96.5%.
Societe Generale is pessimistic about gold's movement over a longer period of time: "In the past, we have observed that gold seems to be closely related to three factors - US real interest rates, US dollar and ETF capital flows. However, gold prices are still quite high compared to the theoretical value generated by our model. If real interest rates remain high for the foreseeable future, then one of the assets most likely to face pressure is gold.”
It is easy to think that since the Fed was lagging behind the curve at first, it should now surprise investors in another direction: Announce unexpected radical tightening policies, guiding the market for inflation expectations quickly declined, and lower policy interest rates in due course after completing the task. The problem with
is that this approach is almost certain to have a hard landing in the economy. Worse, any economy encounters such setbacks can be very bad. The Fed needs to worry about the vulnerability that has not yet been expected in the financial system, which has become accustomed to almost zero credit costs year after year.
gold prices maintain a rebound momentum above the $1,650 mark, but gold prices may remain within a certain range until buyers regain the $1,670 mark. The weakening of the dollar continues to support gold prices.
