Price Trends of Spot Precious Metals
On September 23, 2019, the domestic precious metal price, spot gold and silver, stopped falling and rose. Among them, the average daily increase of silver spot price was 1.95%, and the spot price of gold rose by 1.17%.
Data from business associations showed that the average spot price of gold in China was 349.18 yuan/g on the 23rd, down 1.22% from 353.50 yuan/g on the 1st day, and up 22.91% from 284.10 yuan/g at the beginning of the year (01.01). The spot price of silver in China is 4442.33 yuan/kg, which is 0.65% lower than the spot price of silver in the first day, 4471.33 yuan/kg, and 22.80% higher than the spot price of silver at the beginning of the year (01.01), which is 3617.67 yuan/kg.
Short-term positive factors
1. Geopolitical factors: On the 20th, the United States announced sanctions against three Iranian entities, such as the Central Bank of Iran. The geopolitical situation of U.S. -Iran relations is not optimistic.
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2. Sino-US trade negotiation factors: According to Xinhua News Agency, the Sino-US economic and trade team held consultations at the Deputy ministerial level in Washington, D.C., and conducted constructive discussions on economic and trade issues of common concern. The two sides also seriously discussed the specific arrangements for the 13th round of high-level economic and trade consultation between China and the United States to be held by the leaders in Washington in October. Both sides agreed to continue to maintain communication on relevant issues.
Expected market outlook
There are many uncertain risk events in Sino-US trade, the expectations of interest rate cuts of central banks are increasing, and the market hedging mood rises and falls. Generally speaking, the advantages of precious metals in hedging, preserving and increasing value, and resisting inflation are favored by the market. Business analysts believe that the price of precious metals has now tended to a relatively high level in the history of gold and silver, and the market is expected to see a change in risk aversion enthusiasm in the near future, with strong operation predominantly in the near future.
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