On Friday (October 28), international gold price fell, and domestic gold prices rose and fell. Lao Fengxiang gold fell 2 yuan to 504 yuan/gram, and the gold prices of five major brands, including Laomiao , Liufu , Saturday Fu , Jin Zhizun, and Zhousheng , and five major brands began to rise. The price of Caibai and China Gold has fallen below 500 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 amplitude | Rises and falls | |||
Laomiao Gold Price Ge | 502 | yuan/g | 4 | rise | |||
Liufu gold price | 505 | yuan/g | 3 | rise | |||
Weekly Dafu Gold price | 505 | yuan/gram | 0 | 0 | flat | ||
Saturday gold price | 506 | yuan/g | 3 | rise | |||
Gold Supreme Gold Price | 505 | yuan/g | 3 | 3 | rise | ||
504 | yuan/g | 2 | drop | ||||
Chao Acer Gold price | 502 | yuan/g | 0 | flat | |||
weekly gold price | 501 | yuan/g | 2 | 2 | rise | ||
vegetable 10 gold price | 492 | yuan/g | 0 | flat | |||
China gold price | 488 | yuan/g | 0 | flat | |||
weekly gold price | 508 | yuan/g | 0 | 0 | flat |
international gold fell slightly today mainly because the US dollar index is expected to continue the overnight rebound momentum. In the short-term trend of the US dollar, the US dollar index rose by more than 0.8% overnight, putting pressure on gold prices. Federal has sharply raised interest rates by 2300 basis points since March, which has pushed gold prices to fall by 9%. But investors are generally cautious before the Fed's policy meeting next week, so gold has limited declines. At 15:27 Beijing time, spot gold fell 0.60% to US$1,653.08/ounce; the main contract of COMEX gold futures fell 0.55% to US$1,656.4/ounce; the US dollar index rose 0.27% to 110.878.
overnight data showed that the initial value of the US real GDP annualized quarterly rate in the third quarter was 2.6%, reversing the contraction trend in the first two quarters and 0.2 percentage points higher than the expected value. In addition, European Central Bank President Lagarde believes that the economic outlook is pessimistic and negative euro .
But other data released overnight showed that U.S. consumer spending slowed to 1.4% in the third quarter. As the economy becomes staggering in a high-interest rate environment, the Fed may be forced to slow down the pace of rate hikes.
US dollar index fell for the second consecutive week, hitting a new low since September 20 to 109.527; the 10-year US bond yield fell nearly 30 basis points this week, after rising for 12 consecutive weeks. While the Fed may announce its fourth straight rate hike of 75 basis points at its meeting next week, traders expect the Fed to lower its December rate hike to 50 basis points.
City Index analyst Matt Simpson said: "The weakening of the dollar and the decline in U.S. Treasury yields have undoubtedly helped gold get out of the lows, but there is no reason to be overly optimistic about gold...but gold will perform better in 2023 because therefore gold may get buying demand from safe-haven funds.”
Chief business economist at Standard & Poor’s Global Market Intelligence Chris Williamson said the U.S. economy was downward in October, and confidence in the outlook deteriorated sharply. This was a decline in service activity due to rising cost of living and tightening financial conditions. The risk of contraction in the fourth quarter increased, while inflation pressure remained high. In other words, the imminent recession is fundamentally beneficial to gold, especially as it may arrive before inflation fades. In this case, the economy will experience stagflation and gold should gain favor.
