Sino-Singapore Jingwei Client, August 18, due to the weakening of the U.S. dollar, falling U.S. bond yields, and Buffett's purchase of shares in major gold mining companies to boost investor sentiment, gold prices rose in the short-term.
Screenshot source: Wind and Yingwei Finance
As of press time, London gold is now up 0.42% to 1993.41 US dollars per ounce; gold futures are up 0.22% to 2003.10 US dollars.
Reuters Chinese website pointed out that the price of gold last week set its biggest weekly decline since March, as investors reassessed their positions after the price of gold fell sharply from the record high of US$2072.50 set on August 7.
The report quoted Daniel Ghali, a commodity strategist at TD Securities, "The sharp fall in the price of gold and subsequent trends have revealed to a considerable extent people's speculative interest in precious metals." He added that Buffett is now "holding gold". Boost market sentiment.
The report pointed out that a regulatory filing on Friday disclosed that Berkshire Hathaway purchased 20.9 million shares of Barrick Gold Corp, one of the world's largest mining companies. It is worth mentioning that the Wall Street Journal Chinese website stated that Buffett has said in the past that he does not like investing in gold.
According to the report, the U.S. dollar fell to a low in more than a week, the benchmark 10-year U.S. Treasury yield fell, and the New York Federal Reserve Manufacturing Index plummeted to 3.7. These factors also provided support for gold prices.
The report finally mentioned that investors are now waiting for the minutes of the last policy meeting of the US Federal Reserve (Federal Reserve/FED) to be released on Wednesday. (Zhongxin Jingwei APP)