China News Service, Beijing, July 28 (Reporter Wei Xi) International gold prices have hit historical highs in succession. After the international gold price broke through the $1,900 mark on July 24, on July 27, the international gold price surpassed the historical high of 2011 and set a new record high. After the opening of the Asian market on July 28, gold futures broke through the $1960 per ounce mark, setting a new record high, with a year-to-date increase of about 30%.

  On the morning of the 28th, Beijing time, the price of gold futures on the New York Mercantile Exchange (COMEX) soared to US$1974.7 per ounce, and then the price fell, hovering around US$1930.

  This round of rising international gold prices has been around for several years. On December 3, 2015, spot gold hit a stage low of $1046.4 per ounce, and then it entered an upward cycle. Compared with today's highest point, this round of gold prices has increased by 88%, which is nearly doubled.

  From a long-term perspective, the price of gold has a strong negative correlation with the US dollar index. The dollar index weakens and the price of gold will likely rise. Since mid-May of this year, the dollar index has fallen from a high of 100.56 to around 98.48 at noon on July 28, which has promoted the continued rise of gold prices.

  The market is mostly optimistic about the gold market trend in the second half of the year. Everbright Securities analysts believe that in 2020, the central banks of major countries in the world have adopted expansionary monetary policies, and this round of expansion is highly likely to promote the continuous rise of gold prices. Taking into account the Fed's total liabilities, the ratio of global money supply to GDP and the trend of its year-on-year changes, it is expected that the price of gold may peak in 2022, and the phased high of excess returns in gold stocks may occur in 2021.

  China Securities Securities also expects that gold, as an easy and safe-haven beneficiary product, has shown strength, and it is expected to break a new historical high in the near future and hit US$2,000 per ounce. (Finish)