On Tuesday (October 25), the international gold price of rebounded weakly, and the US dollar hit bottom and rebounded limiting the upward space for gold prices. International Gold is in the stagflation state, and domestic gold shop gold also kept its price unchanged today, only Laomiao gold fell slightly by 4 yuan. The cheapest one is Chinese gold 488 yuan per gram, and the most expensive one is Zhou Dasheng gold 508 yuan per gram. This is the gold price announced on the official website today. For reference only:
Gold store quote | Today's gold price | Unit | Change range | Rises and falls | l10 | |
Laomiao gold price | 501 | yuan/g | 4 | 4 | drop | |
6fu gold price | 502 | yuan/g | yuan/g | html l9flat | ||
weekly dafu gold price | 502 | yuan/g | 0 | 0 | flat | |
Saturday bless gold price | 503 | yuan/g | 0 | flat | ||
gold supreme gold price | 502 | yuan/g | 0 | flat | flat | |
Lao Fengxiang Gold price | 505 | yuan/g | 0 | 0 | flat | |
Chao Acer Gold price | 502 | yuan/g | html l9flat | |||
weekly Shengsheng gold price | 501 | yuan/g | 0 | 0 | flat | |
vegetable 10 gold price | 49 2 | yuan/g | 0 | flat | ||
China gold price | 488 | yuan/g | 0 | 0 | flat | |
weekly Dasheng gold price | 508 | yuan/g | 0 | 0 | flat |
International gold, today spot gold fell 0.02% to $1649.10/oz; COMEX gold futures main contract fell 0.04% to $1653.4/oz; USD index rose 0.11% to 112.109. While weak U.S. economic data raises hope that the Fed may start slowing its pace of monetary policy tightening later this year, investors appear to be confident that the Fed will continue its aggressive policy tightening cycle. Stephen Innes, managing partner of
SPI Asset Management, said that the market feels that the Federal Reserve is approaching the end of the radical part of interest rate hike cycle and may be ready to take a wait-and-see attitude. "Once US bond yield and the US dollar begin to fall sharply, this should be very beneficial to gold."
Standard and Poor's global survey showed that US business activity contracted for the fourth consecutive month in October, which is the latest evidence that the US economy has weakened against high inflation and rising interest rates. While the Fed appears to be hiking for the fourth consecutive hike of 275 basis points at its policy meeting in November, policy makers have begun to discuss the scale of future rate hikes.
In addition to this, concerns about the U.S. economic recession are gaining more widespread attention. According to MSNBC News, U.S. Treasury Secretary Yellen said that "the risk cannot be ruled out." When talking about the recession, he said that "the risk cannot be ruled out." Most economists predict that the Fed's interest rate hike will be lowered to 50 basis points in December.
Nevertheless, investors seem confident that the Fed will continue its aggressive policy tightening cycle, which in turn supports the rise in Treasury yields and contributes to the dollar's recovery.Although gold is regarded as an inflation hedge tool, higher interest rates will increase the cost of holding of non-interested assets gold . Looking ahead, the U.S.
data on GDP (GDP) that will be released on Thursday (October 27) has received close attention. It is expected that the annualized quarterly rate of US GDP in the third quarter will significantly increase to 2.4%, reversing the contraction trend in the first two quarters. This may lead to substantial fluctuations in gold prices. "Before this week's important data is released, gold prices may expand its volatility in the 21-day moving average (near $1666) and near the $1615 range. Any effective rebound must close above the 21-day moving average, with the next upward resistance at Monday's high of $1671. If the recovery momentum is strengthened, the October 13 high of $1682 will challenge bearish confidence. If the recent decline continues, Monday's low of $1644 will provide support immediately, and the $1630 integer below that level will be tested."
