The overallPrecious Metals Market News strength of gold continued in January, and the current price is running above US$1700. From the current point of view, the warming of global easing expectations, the strong growth in gold investment demand and the reality of supply and demand in short supply of gold have injected medium and long-term momentum into the upward trend of gold prices in the market outlook.
Commerzbank (Commerzbank) analyst Daniel Briesemann said: At present, external factors play the most important role. The strong US dollar and the weak stock market reflect the high risk aversion of market participants.
On that day, the price of silver futures for delivery in March rose 1.213 cents to close at $34.429 per ounce, an increase of 3.65%. The price of platinum futures for delivery in April rose by 51 US dollars an ounce to close at 1684.9 US dollars, an increase of 3.12%.
As the saying goes, buying gold in troubled times, but now gold and silver seem to be unreliable. The U.S. government announced on the 2nd that bin Laden was killed immediately spread across the world, which directly triggered the recent skyrocketing price of gold and silver both staged a shocking reversal. Not counting the diving, the magnitude of the drop is even more surprising. Before the small investors had time to react, they were deeply stuck.
Mr. Bai also introduced that in the gray camp of domestic underground speculation companies, there are some companies that are completely fraudulent. The funds in the customer's trading account are actually virtual. Just like we do simulated transactions, as much as the customer invests in funds, they enter the corresponding amount of funds into the customer's trading account on the backend of the trading system. As soon as client funds arrive in the company's designated bank account, they will immediately be transferred and embezzled for other purposes.
Driven by the overall decline in the US stock market, gold prices in New York rose slightly on the 5th. On the same day, the most active August gold futures price on the New York Mercantile Exchange gold futures market closed at US$1398.5 per ounce, an increase of USPrecious Metals Market News$1.3 or 0.09% from the previous trading day.
Sarhan Capital Chief Executive Adam Sarhan pointed out that gold futures are forming a bullish double bottom pattern, trying their best to rebound from the sharp decline in the fourth quarter of last year, but standing above $1,804 will trigger a new technical clear buy signal.
VTBCapital analyst Andrey Kryuchenkov said that it seems untimely to be short on gold, and many investors are covering short positions. In addition, although the bears recently set stop losses at 1300 and 1320 US dollars, in fact, gold has broken through the resistance level and rose smoothly. However, the price of gold still faces some resistance after rising to around $1340.
On Tuesday, due to the fall of the U.S. dollar, the result of the Greek confidence vote is uncertain, and the vote may determine whether Greece can avoid a sovereign debt default. Driven by this, the price of gold rose for the third consecutive trading day. Investors have returned to risk appetite, and the rise in grains, commodities and the stock market has also supported gold prices. The price of gold reached as high as $1,547.90 yesterday and closed at an intraday high of $1,545.70 in late trading. Crude oil futures continued their decline during the Asian trading session on Wednesday. The International Monetary Fund warned that the Spanish economy faces many risks, causing the market to worry about the prospects of global economic growth. Investors are also waiting for the results of important meetings of the Federal Reserve Board. US crude oil futures for August fell by US$0.27 to US$93.90 per barrel. Brent crude oil was dragged down by the decline in its spread compared with US crude oil futures and there was a warning about the risks to the Spanish economy, which intensified concerns about the euro zone and fell to 110.70 US dollars. U.S. grain futures rose moderately on Wednesday, benefiting from supply concerns arising from bargain hunting and weather conditions in major producing countries. As the world's major exporter of corn and wheat, the United States is concerned that the hot weather may affect its crop yields. The July corn contract on the Chicago Board of Trade rose 0.57% to $7.11-1/2 per bushel. The July soybean contract also rose 0.4% to $13.49-1/25 per bushel. In July, wheat rose 0.41% to $6.77 per bushel. The Greek government won a vote of confidence on Wednesday, which is critical for the country to avoid defaulting on its sovereign debt. The overall rise in commodity futures may continue to stimulate investor buying. Gold prices are expected to maintain a volatile upward trend today, rising slightly to a high of 1553 since June 6. Li Yanxuan (Source: Information Times)