On December 27, crude oil futures closed above the US$100 per barrel level for the first time in two weeks, driven by news about Iran, improving US consumer confidence, and quiet trading. New York Mercantile Exchange February light sweet crude oil futures closed up 1.66 US dDaily precious metal pricesollars to 101.34 US dollars per barrel, an increase of 1.7%.
Commerzbank said that normally, the first few months before the end of the year are India’s highest demand for gold due to the arrival of many religious festivals and wedding seasons. The Bombay Gold Association predicts that India will import 700 metric tons of gold this year, which may mean that India's status as the world's largest gold consumer will be replaced.
In the first half of this year, due to the Brexit negotiations, the greater right-wing elections in France and the Netherlands, and the Middle East refugee incident, the market is more concerned about and worried about European risks. Wang Lixin said that these factors have caused large-scale capital inflows into the gold market. It is worth noting that at the end of 2015, the total European gold ETF market was about 570 tons. As of the second quarter of this year, the total European gold ETF holdings had reached 978 tons, a net increase of more than 400 within one and a half years. Tons of traffic, this growth is considerable.
Judging from the fundamentals of last week, the terrible situation in Europe showed signs of further deepening. Moody's downgraded the long-term credit and savings ratings of 26 Italian banks by 1 to 4 scales, with a negative outlook; Moody's downgraded 16 Spanish banks with a negative outlook or is still under review and may further downgrade. In addition, Fitch downgraded Greece's sovereign rating, downgraded Greece's long-term credit default rating from B- to CCC, and downgraded Greece's short-term credit default rating from B to C. But from the perspective of the Eurozone as a whole and Greece unilaterally, neither of them wants Greece to withdraw. Because if Greece withdraws from the euro zone, it may cause the European Central Bank and the euro zone to suffer hundreds of billions of euros in losses, and Germany and other European countries will bear huge debts. The European Central Bank still prefers more moderate measures to avoid the financial tsunami in the euro zone caused by the large losses suffered by creditors of Greek government bonds. From the perspective of Greece, if it exits the euro zone, it will inevitably have a huge impact on Greece's own economy. Even if the left-wing radical coalition party is in power, it will not rashly abandon the austerity policy and exit the euro zone, but will try its best to help and develop in the EU Seek a balance between the economy. Judging from the G8 meeting statement over the weekend, the leaders of the eight countries agreed that a strong and cohesive euro area is important to global stability and recovery. Greece’s continued stay in the euro area and its commitment to comply with its commitments are in the interests of the eight countries.
On that day, the price of silver futures for December delivery fell 8.2 cents to close at $32.329 per ounce, a decrease of 0.25%. The platinum futures price for October delivery rose by $8.1 to close at $1575.6 per ounce, an increase of 0.52%.
Judging from the survey results of the Morning Post Precious Metals Expert Club, 5 analysts are bullish on the trend of gold prices this week, 1 bearish and 2 bearish. It seems that more analysts believe in Hengqiang, the strong gold price. Relatively cautious analysts mainly consider the next fDaily precious metal pricesew important events this week that may have an impact on the price of gold. Among them, the European Bank meeting on Thursday and the US non-agricultural employment data on Friday received the most attention.
There are opportunities in the ups and downs, and overall, $1,700 is a support point. Industry insiders believe that international gold is rebounding after experiencing a free fall dive in September. However, due to the intertwining of long and short factors, the possibility of shock is relatively high in the near future.
Prior to this, Wang Lihua, chairman of the Shanghai Futures Exchange, stated at the 8th Derivatives Forum that he would strive to launch silver futures this year. Municipal Standing Committee Member and Deputy Mayor Tu Guangshao said at the same meeting that the next stage will cooperate with the national authorities to promote the listing of silver futures. Xi Zhiyong, assistant to the general manager of the Shanghai Futures Exchange, also said that commodity futures products such as silver and asphalt that are related to the national economy and the people's livelihood will be launched in due course, and the futures product system will be continuously improved. At the 2011 Lujiazui Forum, Yang Maijun, general manager of the Shanghai Futures Exchange, also put forward the goal of getting silver futures listed within this year.