IraEpsteindivisionofTheLinnGroSingapore Asia's global precious metals trading centerup director IraEpstein said on Thursday (October 20) that from a technical analysis point of view, gold is in a weak position, but may be supported near 1,600 US dollars per ounce.
The central bank’s increase in the deposit reserve ratio is mainly to prevent inflation and control bank credit. The increase in deposit reserve is usually negative for the gold market, but it will not trigger much adjustment for the entire stock market. The medium-term trend remains unchanged. This is the first increase. Interest rates have been digested in the market smoothly, and the second rate hike is expected to come soon.
2. Data released by the German Statistical Office (Bundesamt) on Thursday showed that the initial annual rate of the German Consumer Price Index (CPI) in December increased by 2.1%, the lowest level since March, and lower than the expected level of 2.2% increase. Increased 2.4%. The initial monthly rate of CPI in December was 0.7%, the previous value was flat, and it is expected to rise by 0.8%.
World Gold Council Chief Executive Officer (CEO) Aram Shishmanian said on January 31 that in the current economic situation, gold plays a key role in protecting wealth, supporting future growth and reducing risks. He also predicted that the global central bank gold purchase momentum that began in 2009 will continue.
This trading day will announce the initial third-quarter GDP values of France, Germany, Italy and the Eurozone, UK retail sales in October, Eurozone core CPI in October, U.S. October CPI, U.S. New York Federal Reserve Manufacturing Index in November, and the United States last week The number of initial jobless claims after seasonal adjustment, the Philadelphia Federal Reserve Manufacturing Index in November. In addition, the European Central Bank will publish a monthly report.
Addison Armstrong, head of market research at TraditionEnergy, said the data on the number of initial jobless claims in the United States once again pushed up oil prices. At the same time, Turkey's forced landing of the Syrian flight also added to the tension between the two countries, which supported the oil market. Rising oil prices also boosted the goSingapore Asia's global precious metals trading centerld market.
The overnight market London gold closed at 1,294.67 US dollars, a small drop of 0.89 US dollars, or 0.07%. Spot silver weakened with gold. Data show that as of the end of the New York session, silver fell by $0.13 to close at $19.45, a decrease of 0.66%. The overall market trading was stable yesterday, as participants were waiting for GDP data and employment data to be released later this week. Despite the fierce confrontation between the long and short sides during the European and American hours, it can be seen that the two sides are not willing to fully reveal their intentions at this time.
Starting from September 16, the price of gold jewelry in Beijing gold stores has generally been reduced, with a maximum of 14 yuan per gram. It is understood that this is also the first collective downward adjustment since the gold price has risen 8 times from the end of last year to this year. Affected by this, the sales of gold jewelry and gold bars in Beijing increased by 18% over the same period of the previous week, and investment demand was the majority.