International gold prices hit a new high in nearly 10 years
On the 27th, the international gold price rose by more than 2%, reaching a record high of US$1945.16 per ounce, breaking through the historical high of US$1921 set in September 2011 in the past ten years. The growth rate reached 32% during the year.
The price of gold continued to rise after the opening of the market on the 28th, reaching $1,980 per ounce at one time, and then the price fell back because investors sold profits. As of 17:40 Beijing time, the London spot gold price was reported at 1932 US dollars per ounce, a decrease of 0.49%.
On the evening of the 28th, the price of gold continued to rise. As of 23:00 Beijing time, the price of gold futures for August delivery on the NYSE reached US$1,948.40 per ounce. The spot gold price in London is approximately $1950 per ounce.
The Shanghai Gold Exchange reminded: Affected by international factors, the price of gold and silver has fluctuated greatly recently, and the level of positions held is relatively high. Market risks have increased significantly. All member units are requested to prepare risk contingency plans to remind investors to do a good job in risk prevention, increase risk awareness, reasonably control positions, and invest rationally.
If the risk situation of gold and silver further intensifies, the exchange will take appropriate risk control measures based on market conditions to prevent market risks, maintain market stability, and protect investor interests.
Each gram of gold ornaments exceeds 500 yuan and the investment gold bars are simultaneously selling well
What impact has the high gold price had on consumers and investors?
Reporter Wen Peiya: Many consumers are buying at Caibai Shopping Center in Beijing. Less than a week after the last price adjustment, today the price of pure gold 999 has been raised to 510 yuan/g, a record high in the past ten years. In this regard, many consumers said that rising gold prices will not affect their willingness to buy.
The reporter learned from many gold stores in Beijing that recently, as the price of gold continues to rise, consumers prefer heavy gold products more than ever. The sales of physical investment products such as gold bars have also risen to varying degrees.
Gold investor Ms. Gao: I have repurchased 3 to 4 times recently, and I am also considering buying about 500 grams of gold bars. I think it has a lot of room for appreciation.
The person in charge of the gold shop told reporters that after May of this year, the sales of investment gold bars began to rise significantly, and the average daily sales increased by about 10% over the same period last year.
Shenzhen: The price of pure gold rose by more than 150 yuan in 3 months
In Shenzhen, the reporter found that the latest gold price of several major brand gold stores has risen to 555 yuan per gram, while in April the same amount of gold was less than 400 yuan.
The reporter visited Shenzhen Shuibei Wholesale Center and found that the wholesale price of gold jewelry has exceeded 450 yuan/gram, which is almost the highest level in the past decade. Mr. Dong is a wholesaler from Hunan. Today he came to the water shell market in Shenzhen to purchase gold jewelry. He said that the recent price increase was too fast and he had to come and replenish the goods quickly.
Wholesaler Mr. Dong: Nowadays, the gold market is extremely volatile. Especially in the recent period, it has grown by about 20 yuan in a few days, and the retail price has gradually risen. We will get the goods back as soon as possible. If the price is still rising, we The cost will get higher and higher.
Chen Rihui has been engaged in jewelry wholesale business for many years. He told reporters that compared with the same period last year, the price of gold this year has risen by nearly 150 yuan, and last summer it was about 320 yuan per gram. The constant price increase has discouraged many investors.
Industry insiders told reporters that due to the rapid increase in the price of gold in the market, wholesalers are under greater pressure to purchase goods. Under this circumstance, wholesalers will gradually adjust the structure of some products when they purchase, and some light and thin gold categories. It was favored.
Reporter Liu Xiaohan: This 5G gold is currently the best-selling style on the market. Compared with traditional gold, the hardness is more than twice that of traditional gold, but the weight is only 40% to 50% of traditional gold.
Goldman Sachs raises gold target price to $2,000
What is the main reason for the surge in the price of gold and silver this round? What about the future trend? The gold price hit a new record high, which was basically within market expectations. In June, Goldman Sachs raised the target price of gold to $2,000 per ounce. Therefore, the overall expectation in the capital market is that it is only time for the gold price to break the record. Sooner or later, the market outlook may still have some room to rise.
The epidemic's suppression of economic prospects and the recent rise in geopolitical tensions will directly strengthen gold's bullish sentiment. However, analysts mostly believe that the decline in the 10-year U.S. Treasury yield is the main driving force behind the recent rise in gold prices. This makes holding gold almost costless. The factors behind this are to cope with the impact of the epidemic on the economy, the ultra-loose monetary policy led by the Federal Reserve, and the resulting currency oversupply.
David Rosenberg, chief economist at Rosenberg Research in Canada: Looking at the year-on-year comparison, the narrow money supply (M1) in the United States has a growth rate of 37%, and the broad money supply (M2) has a growth rate of 24%. The growth rate of the money supply has been equivalent to the level of the 1970s. Therefore, in such a large money supply environment, gold and silver are good hedge assets.
Although gold is in a bull market, the overall market sentiment is bullish in the short to medium term. However, some market participants said that their team has recently cleared out half of its gold holdings, mainly because they believe that the driving force behind the rise in gold is unsustainable.
Sami Char, chief economist of the Swiss Bank Loon Bank: The US economy will recover. In this way, real interest rates will also rise accordingly. If you consider the next few months or quarters, these factors should lead to gold prices. Fell.
Joni Teves, a precious metals strategist at UBS Group interviewed by The Wall Street Journal, pointed out that this gold price increase is different from the last financial crisis. On the one hand, because of the blockade and economic uncertainty, both China and India The demand for spot gold jewelry purchases in this major market is not very strong. On the other hand, the continuous rise of the US stock market has continuously triggered callback warnings. Some market voices believe that once the stock market pulls back, investors may also need to sell precious metal assets to meet margin requirements. These are the directions we need to focus on in the near future.