The New York Mercantile Exchange (COMEX) gold futures closed slightly lower on Thursday (May 26). The rising debt worries in the euro zone suppressed the euro's sharp decline, and the price of gold was significantly dragged down. However, under the environment of high market risk aversion, safe-haven buying continued to emerge to limit the decline in gold prices. Comex-August gold futures closed down 3.9 US dollars, or 0.26%, to 1,522.8 US dollars / ounce, once fell to a two-day low of 1,514.6 US dollars / ounce. Gold prices hit a record high of $1,577.4 per ounce on May 2. Eurogroup Chairman Jean-Claude Juncker said on Thursday that according to IMF regulations, the IMF will only issue new aid funds after other countries provide Greece with refinancing guarantees in the next 12 months. This will mean that the next round of financial aid for the Greek reform process may be stranded. As soon as the news came out, the euro/dollar immediately plummeted by more than 100 points and dragged down the price of gold. But analysts believe that despite the sharp correction of gold at the beginning of this month, the upward trend of gold remains intact. BNP Paribas (BNPParibas) analyst Anne-LaureTremblay said that in the past few days, market sentiment surrounding gold has become moChicago Precious Metals Exchangere and more positive, as evidenced by the reflow of funds into listed exchange funds (ETFs). She believes that gold prices will continue to rise from current levels in 2011. Tremblay mentioned that so far this year, the dollar-denominated gold price has risen by more than 7%, driven by investor concerns caused by the euro zone debt crisis, the turmoil in the Middle East and the fragile recovery of the US economy. Technically, the daily K-line resistance of C0MEX August gold futures is located at US$1,533.60/ounce (May 25th high) and US$1,544.70/ounce (May 4th high). Support is at US$1,514.20/ounce (May 24). Daily low) and 1,505.40 US dollars / ounce (30-day moving average). Weekly K-line resistance is located at $1,569.80/ounce (the high point of the week on April 29) and $1,577.40/ounce (the high point of the week on May 6), while the support levels are at $1,500.00/ounce (integer mark) and $1,492.30 /Oz (10-week moving average).
On that day, the price of silver futures for delivery in September fell sharply by 1.497 US dollars to close at 37.883 US dollars per ounce, a decrease of 3.8%. The platinum futures price for delivery in October closed at 1756.4 US dollars per ounce, an increase of 32.8 US dollars over the previous trading day, or 1.9%.
Global stock market daily newsletter Gartman Communication founder and well-known economist DennisGartman (DennisGartman) said on Thursday (May 26) that gold is a currency, it is not a simple commodity. He expects the price of gold to reach new highs in the near future. Gartman said that gold already has the attributes of currency, but other precious metals are not. Silver, platinum and palladium are just precious commodities. Gartman said that although gold denominated in British pounds, euros and yen fell slightly from highs, the technical graphics indicate that the upward trend of gold is intact, and it is almost certain that gold will reach new highs in the near future.
2. The People's Bank of China (PBOC) decided to increase the RMB deposit reserve ratio of deposit-taking financial institutions by 0.5 percentage points from May 18, 2011. This is the fifth time that the central bank has raised the deposit reserve ratio this year, and it is also the eleventh increase since last year. This will bring the deposit reserve ratio of large financial institutions to a historical high of 21.00%.
Ronald Leung, head of LeeCheongGoldDealers, said that due to the stock market rebound, the gold price at $900 per ounce is not attractive to investors. But investors also don't want to sell gold because the uncertainty of the global economy is still there. The price of gold needs to fall to US$875/ounce to attract buying, including jeweller buying, or rise to US$900/ounce to trigger selling.
In the near term, the non-agricultural employment report released by the United States last week performed well. The November non-agricultural employment report released by the US Department of Labor last FridayChicago Precious Metals Exchange showed that the US unemployment rate dropped sharply to 8.6% in November, the lowest level since March 2009. At the same time, the number of non-agricultural employment in the United States increased by 120 thousand in November; the number of non-agricultural employment in October was revised to increase by 100,000, the initial value increased by 80,000; the number of non-agricultural employment in September was revised to increase by 210,000, the initial value For an increase of 158,000. Therefore, the rapid decline in the unemployment rate in the United States in November and the sharp increase in non-agricultural data in the first two months show that the labor market in the United States continues to pick up and the US economy is recovering vigorously. This also means that the dollar may strengthen in the future, which is bad news for gold prices.
In addition, the U.S. "Barron's Weekly" listed a number of other factors driving the continued upward trend of gold prices, including the trend of central banks of various economies increasing the proportion of gold held in foreign reserves, the momentum of demand growth led by emerging economies, and investors still wanting The mentality of getting a slice of the gold futures price increase.
The Spring Festival was originally the peak season for gold consumption. Because of the sharp drop in the price of gold, consumers once again bought large amounts of gold and jewelry. In gold jewelry stores in Xujiahui area, the trading volume of gold products during the Spring Festival increased by 20% year-on-year. It is still unclear whether consumers will buy on dips and get stuck in depth.