Sino-Singapore Jingwei Client, August 6th, "Crazy Gold" continues to be staged. On August 6, the December gold futures price, which was the most actively traded on the New York Mercantile Exchange gold futures market, rose by 28.3 on the 5th from the previous trading day. The US dollar, an increase of 1.4%, closed at US$2049.3 per ounce, a record high.
Since the international gold price stood at the $1,860 mark on July 23, Eastern Time, and continued to hit a new closing high for nearly nine years, the price of gold has soared. However, on July 28, the price of gold and silver dropped slightly. In the Asian market on August 6, the spot price of London gold exceeded US$2040 per ounce, and COMEX gold futures reported US$2055.2 per ounce; the spot price of London silver rose 0.12% to 26.971, and COMEX silver futures reported US$27.060.
Source of increase in London Gold this year: Wind
Source of increase in London silver this year: Wind
According to Wind, since the beginning of this year, the price of London gold has risen by more than 34%; the price of London silver has risen even more violently, even surpassing gold, and the increase has exceeded 51% during the year. Bart Melek, head of commodity strategy at TD Securities, analyzed by Reuters that there are multiple factors for the rise of silver, such as the economic recovery from the epidemic crisis and a series of stimulus measures, improved industrial demand, and supply.
In addition, the US dollar continued to weaken. As of the end of the New York trading session, the US dollar index, which measures the US dollar against the six major currencies, fell 0.55% to 92.8665. According to a Reuters report on the 6th, some investors are worried that the economic stimulus measures introduced by the United States in response to the epidemic will trigger inflation and cause the devaluation of other assets.
Bart Melek told Reuters that the U.S. dollar has continued to deteriorate, U.S. bond yields have fallen further, and inflation expectations have risen. This means that the opportunity cost of holding gold in the future will become lower and lower.
Industrial Research and Analysis shows that after a brief correction, gold has regained its upward trend, and the rapid rise in gold prices will continue for some time.
Zhang Wei, an analyst at Zhuochuang, said that after breaking through US$1,800 in early July, the price of gold in New York rose by more than US$230, an increase of nearly 13%, in just one month. Both domestic gold futures and spot stocks set a record high, with an increase of about 10% over the same period. In the short term, the price of gold will still be the dominant player, but it will be dragged down by profit-taking sentiment from time to time, and there will be certain adjustments. It is expected that the medium-term gold price will be blocked by 2300. (Zhongxin Jingwei APP)