On Monday (October 24), international gold price rose to a new high of $1,670.68 per ounce in six trading days before falling. Affected by this, the domestic gold price rose across the board today. The price of Laomiao and week Shengsheng even rose by over 10 yuan/gram. After today's surge, except for China Gold and Caibai, the gold prices of other mainstream gold stores exceeded 500 yuan per gram. This is the gold price announced on the official website today. For reference only:
Gold store quotation | Today's gold price | Units ml3 | Change Amplitude | Rises and Falls | ||||
Laomiao Gold Price | 505 | yuan/gram | 14 | rise | ||||
6h 502 | yuan/g | 6 | 0 rise | |||||
Weekly Dafu Gold price | 502 | 502 | yuan/g | 7 | rise | |||
503 | yuan/g | 6 | rise | |||||
gold supreme gold price | 502 | yuan/g | rise | |||||
Lao Fengxiang Gold price | 505 | yuan/gram | 6 | 6 | 0 rise | |||
Chaoac Gold price | 502 | 00 yuan /gram | 7 | rise | ||||
weekly gold price | 501 | yuan/gram | 11 | 11 | rise | |||
vegetable 10 gold price | 492 | yuan/g | 6 | 0 rise | ||||
| Chinese gold price | 488 | 488 | yuan/g | 0 | 0 | flat | ||
Zhoudashenghuang Gold price | 508 | yuan/g | 0 | 0 | flat |
Beijing time 15:30, international spot gold fell 0.31% to 1650.78 USD/oz; COMEX gold futures main contract fell 0.05% to 1655.5 USD/oz; USD index rose 0.20% to 112.098. Overall, although the market is weakly expected to soften its radical policy stance later this year, gold prices have not yet emerged, and the future market will depend on how economic data affects the Fed's pace of slowing down the rate hike of . "I don't think gold has gotten out of the way," said Matt Simpson, an analyst at
City Index. He added that whether the Fed is close to suspending interest rate hikes will depend on the data released one after another before the next meeting.
San Francisco Fed Chairman Daly said last Friday (October 21) that the central bank should avoid putting the economy into a "non-force decline" and it is time to start talking about slowing down the pace of rate hikes. Chicago Fed Chairman Evans also warned that pushing the federal funds rate to above 4.6% would "really start putting pressure on the economy."
Fed officials are trying to ease market pessimism and are beginning to hesitate about aggressive rate hikes, a positive development for investors, although that won't change expectations that the Fed will raise interest rates for the fourth consecutive 75 basis point at its policy meeting in November.
Gold prices have fallen more than 9% so far this year as the sharp rate hikes in the United States increase the opportunity cost of holding non-interested assets. "If inflation continues to rise and the Fed does not turn, gold may fall to the $1,600 to $1,500 range next year," Simpson of City Index said. "Looking forward, traders should expect gold prices to soften further in the context of market turmoil and sentiment challenges.However, Fed officials have entered a period of silence and ECB 's decision this week may have hawkish results or limit downward space for gold prices.
As rising prices are hurting the economic outlook of the euro zone , European Central Bank President Lagarde will choose to raise interest rates more significantly this time. According to Rabobank analysts, a 75 basis point rate hike is a foregone conclusion. They expect deposit rates to reach 3% by March next year.
This week, investors will closely monitor the initial value of GDP in the third quarter and the inflation indicator PCE index, which the Federal Reserve closely monitors. If the data is strong, it will easily re-enforce the Federal Reserve hawks, pushing U.S. yields and the dollar higher, and putting pressure on gold to lower.
