Overview of spot price trend of precious metals
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According to the data of the business community, the average early price of the silver market on December 29 was 5246.33 yuan/kg, down 1.80% on a daily basis, up 3.57% from the average early price of the spot market at the beginning of the month (December 1) of 5065.33 yuan/kg; Compared with the early average price of spot market at the beginning of the year (January 1), 4770 yuan/kg, an increase of 9.99%.
On December 29, the spot market price of gold was 408.51 yuan/g, down 0.04% on a daily basis, 0.64%% higher than the early average of 405.91 yuan/g in the spot market price at the beginning of the month (December 1); Compared with the early average price of 372.37 yuan/kg in the spot market at the beginning of the year (January 1), the increase was 9.71%.
Price trend of precious metals and crude oil
Precious metal prices fell slightly on the 29th, and the fundamentals remained unchanged
The three major stock indexes of the US stock market fell again, and the market risk sentiment was suppressed again. Precious metal prices fell slightly on the 29th.
On the last trading day (December 28), the gold trading volume of Shanghai Gold Exchange was 15594 kg, up 9.00% from the previous trading day. Silver turnover was 353170 kg, down 33.03% from the previous trading day. The gold inventory of the previous exchange was 3339 kg, unchanged from the previous trading day. Silver’s inventory was 7550 kg higher than the previous trading day to 2080412 kg. The newly announced position of gold SPDR ETF was 918.51 tons, unchanged from the previous trading day. The position of silver SLV ETF was 14574.01 tons, up 48.65 tons from the previous trading day.
After the boots of the Federal Reserve to slow the pace of interest rate increase were put on the ground in December, the current tight monetary policy is still far away from turning, investors’ investment interest in precious metals has been limited, and ETF positions are still at a stage low.
Precious metal currency attribute enhancement
On the news side, as the Egyptian pound, the currency of Egypt, has been weakening, the price of Egyptian gold has recently shown an upward trend. At the same time, under the influence of a new trade rule, the demand for gold in Egypt has recently increased sharply. Multiple factors have led to a sharp rise in the price of Egyptian gold, which once hit the highest level in the history of domestic gold prices this month. Egypt’s domestic inflation continues to be high. Data show that Egypt’s core inflation rate rose to 18.7% last month, a new high in the past five years. In order to curb inflation, the Bank of Egypt has taken a series of measures, including several rounds of substantial interest rate increases.
Silver performs better than gold
Comparison of precious metal gold and silver price trends in recent one year
In the long term, the trend of precious metal prices tends to be the same, with slightly different amplitudes. Recently, silver has gained a relatively large amount.
Future market of precious metals
At present, the obvious performance of the US economy entering recession is increasing, including the shrinking of manufacturing industry prosperity and the rising number of enterprise layoffs. The space for the Federal Reserve to raise interest rates is gradually narrowing, and the increase of interest rates depresses the price of precious metals. However, recently, the monetary attribute of precious metals has been strengthened, supporting precious metals to a certain extent. In the short term, it is expected that the overall volatility of the precious metals market will be dominated in the short term.
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