Gold prices hit another all-time high.
On September 13, Wind data showed that the price of spot gold (London gold spot, the same below) broke through the integer mark of $2,560 / ounce again after breaking through a new high of $2,550 / ounce overnight, and the highest price once rose to $2,568.03 / ounce, a record high.
As of press time, spot gold prices rose again above $2,560 per ounce to $2,563.43 per ounce after a brief surge and retreat.
In terms of the futures market, Wind data shows that COMEX gold futures also rose rapidly intraday on September 13, and as of press time, they once rose to a high of $2,596.3 per ounce, approaching a high of $2,600 per ounce.
Since August, COMEX gold futures have risen by nearly $120, or more than 4.8%, in this round of upward movement.
In the domestic futures market, driven by the rise in gold prices in the external market, the main Shanghai gold 2410 contract opened on Friday (September 13) at 583.68 yuan / gram, up 1.71%, up 1.71%, up to 584.86 yuan / gram.
In addition, the opening price of "Shanghai Gold" on the Shanghai Gold Exchange on September 13 also rose. As of press time, the opening price of Shanghai Gold Au99.99 contract was 575.0 yuan/gram, and the highest price was 583.45 yuan/gram; AU99.95 contract opening price 578.0 yuan/gram; The closing price of the AU100g contract was 578.8 yuan/gram, and the highest price was 585.0 yuan/gram; The opening price of the Au (T+D) contract was 574.51 yuan/gram, and the highest price was 583.8 US dollars/gram.
In terms of jewelry gold prices, after a phased adjustment in August, it is now back above 750 yuan/gram.
According to data from the Shanghai Gold Jewelry Industry Association, on September 13, in terms of pure gold prices, Lao Fengxiang reported 755 yuan/gram, Lao Miao reported 755 yuan/gram, China Gold reported 755 yuan/gram, and Chow Tai Fook reported 758 yuan/gram.
A number of analysts pointed out that the international gold price soared to a record high again, mainly related to the latest economic data released by the United States and the Fed's interest rate cut expectations.
Soochow Futures analyzed that gold prices rose to a record high after the release of United States PPI and jobless claims data on Thursday local time. United States PPI rose 0.2% in August from July, with expectations of a 0.2% increase and July report expecting a 0.1% increase from June. Core PPI rose 0.3% in August from July and is expected to rise 0.2% after the July report remained unchanged. United States employment data released at the same time showed that initial jobless claims rose by 230,000 in the week ended Sept. 6, up from a revised 228,000 in the previous week and unchanged from expectations.
"At the same time, the European Central Bank cut its main interest rate by 0.25% to 3.5%, reinforcing the market's expectations for a 25bp rate cut by the Federal Reserve, and precious metals are running strongly." Soochow Futures pointed out.
CITIC Futures further pointed out in the research report that the current new market information is that the euro area will cut interest rates as expected and cut the deposit facility interest rate by 25 basis points to 3.5%; cut the refinancing rate by 60 basis points to 3.65%; cut the marginal lending rate by 60 basis points to 3.9%; and United States PPI data fell to 1.7% year-on-year, rebounding 0.1% month-on-month, once again boosting market expectations for a "soft landing".
Looking ahead, although gold prices hit new highs, market participants are still optimistic about its next performance.
CITIC Futures pointed out that although the recent inflation, PMI, and non-farm payrolls data show that the service inflation indicator has slowed down, the expectation management will form a margin of safety. Therefore, it is recommended to continue to hold long positions in the early stage, and the probability of the Fed's interest rate meeting finally achieving 50bp this month is not low, which will boost the price of precious metals again, if not 25bp, it is expected to be dovish and boost the price.
"The dollar and 10-year Treasury yields fell overnight, the precious metals sector rose sharply, and the precious metals sector is expected to maintain an upward momentum against the backdrop of interest rate cuts." Hongye Futures analysis said.
Source: The Paper