日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Finance

Gold rally pauses as sentiment improves

By SHI JING in Shanghai | chinadaily.com.cn | Updated: 2020-08-13 08:48
Share
Share - WeChat
An employee sorts gold jewelry at a store in Taiyuan, Shanxi province. [Photo/China News Service]

The rally in gold prices paused on Tuesday amid steady progress in COVID-19 vaccines and rebounding US economic data.

COMEX Gold futures, the world's leading benchmark futures contract for gold prices, declined by 5.78 percent to $1,921.8 per ounce on Tuesday, the biggest single-day decline since June 2013. The fall comes five days after the gauge hit a historic high of $2,089.2 per ounce.

Spot gold prices fell by 5.7 percent to $1,911.89 an ounce in New York on Tuesday, which was also the biggest single-day drop in over seven years. The New York Stock Exchange-listed Barrick Gold Corp saw its share prices slump by nearly 9 percent.

Russian President Vladimir Putin said on Tuesday that a COVID-19 vaccine was cleared for use, a factor that has eroded the support for gold, said analysts from Xiamen-based ITG Futures Co Ltd. With the research and development of vaccines making further progress, investors' risk appetite will be revived and speculators will close out their gold positions, they said, adding that gold prices will continue to fluctuate in the short term.

Xue Na, a precious metals analyst at Nanhua Futures, said the slowdown in the increase in COVID-19 cases in the US has lowered investors' demand for hedging risks. The recently announced economic indicators, such as the nonagricultural employment index for July, are better than expected and have partly reduced investors' demand for assets such as gold, she said.

Carsten Fritsch, a commodity analyst at Commerzbank AG, said that Tuesday's gold price slump was abrupt and brutal, although the previous price increase was also sudden and sharp. The trigger for the decline could be the sharp rise in bond yields, "which caused some profit-taking and then that cascaded", he said. Yields on the 10-year US Treasury bonds climbed to 0.656 percent, the biggest increase since June.

The higher real interest rate in the United States led to the gold price movements on Tuesday, said Michael Widmer, head of metals research at Bank of America Merrill Lynch.

But Widmer also pointed out that the gold rally has only hit a pause and the bank's $3,000 an ounce 18-month target remains unchanged. The current financial repression, dollar debasement and central banks' backstopping for governments support the bank's bullish outlook on gold prices, he said.

Meanwhile, A-share listed precious metal companies saw their prices slide by 5.77 percent on average on Wednesday, according to Shanghai-based market tracker Wind Info. Partly affected by the sluggish performance of precious metal companies, the benchmark Shanghai Composite Index shed 0.63 percent to close at 3319.27 points, while the Shenzhen Component Index dropped 1.17 percent to 13308.52 points.

The Shanghai Gold Exchange put up a notice on Wednesday to remind investors of the recent price fluctuations of gold and silver due to multiple market uncertainties. Investors should keep their positions at a reasonable level and make rational investment choices, said the exchange.

The World Gold Council said in Beijing on Tuesday that gold is still in the early stages of its price cycle despite the previous record highs. While prices may have been through some ups and downs in the past few days, the WGC still holds a positive outlook on prices for the long term.

Liu Yukun contributed to this story

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 一区二区三区四区高清视频 | 老色鬼a∨在线视频在线观看 | 欧美综合国产精品久久丁香 | 欧美高清成人 | 爽妇网国产精品 | 日韩一区二区三区在线视频 | 国产日韩欧美中文字幕 | 国产目拍亚洲精品99久久精品 | 日韩精品视频一区二区三区 | 亚洲AV久久无码精品九号 | 成人福利视频网站 | 成人欧美一区二区三区黑人3p | 91.成人天堂一区 | 亚洲人jizz日本人处 | 欧美激情图片区 | 日本黄视频在线观看 | 欧美日韩视频在线 | 久久夜色精品国产亚洲噜噜 | 国产精品免费av | 不卡一区| 国产午夜精品理论片免费观看 | 午夜激情视频在线观看 | 一级片在线 | 婷婷激情电影 | 婷婷的久久五月综合先锋影音 | 99草在线观看 | 曰韩精品| 亚洲一区二区久久 | 国产黄视频在线观看 | 91成人国产网站在线观看 | 久久天堂av| 国产成人福利精品视频 | 欧美久久天天综合香蕉伊 | 日韩免费在线观看视频 | 91精品观看91久久久久久国产 | 成人小视频在线观看 | 精品久久久久久久久久 | 国产一区在线观看免费 | 91亚洲国产成人久久精品网站 | 免费小视频 | 欧美日韩一区二区在线 |