Your current location:HOME >travel >International gold price expected to continue rising: analysts 正文
TIME:2024-05-09 01:07:08 Source: Internet compilationEdit:travel
(ECNS) –The international gold price maintained its upward trajectory, recording new highs on Friday
(ECNS) –The international gold price maintained its upward trajectory, recording new highs on Friday, driven by factors including U.S. Federal Reserve policy shifts, geopolitical tensions, and increasing demand among central banks, with analysts predicting continued bullish sentiment amid expectations of a rate cut and safe-haven appeal.
COMEX gold futures for June closed 1.76 percent on Friday, reaching a staggering $2,349.1 per ounce. This marks another milestone in the relentless climb of gold prices, which have risen by over 14 percent since March.
Currently, the retail price of domestic gold jewelry from across China has surpassed 700 yuan (about $96.77) per gram.
“The currently rapid rise in gold prices began in early March when ISM Manufacturing PMI statistics came out significantly below expectations. Subsequently, Federal Reserve Board Governor Christopher Waller mentioned the reduction of MBS holdings while increasing Treasury holdings, further fueling market expectations of the Fed’s implicit easing of monetary policy, thereby driving the gold price upwards,” said Wang Yanqing, chief researcher of precious metals at China Futures.
U.S. economic statistics like rising unemployment, declining PCE price index, and lower-than-expected retail sales, confirmed that the resilience of the U.S. economy is diminishing, boosting expectations for the Fed’s rate cut in June and supporting the rise of gold prices.
Consumers shop at a gold jewelry store in Hohhot, Inner Mongolia Autonomous Region, on March 8, 2024. (Photo/China News Service)Spain's Otaegui wins Volvo China Open2024-05-09 01:00
Middle school students participate in Model UN conference in Qingdao2024-05-09 00:42
Haliburton guides Pacers past Raptors 1402024-05-09 00:42
Marinos see off Shandong to seal first ACL semis2024-05-09 00:37
Man United in crisis: transfers, tactics and takeover helped lead up to 42024-05-09 00:34
Stassi Schroeder takes 32024-05-08 23:46
Eagles lock in WR DeVonta Smith with 32024-05-08 23:38
2nd Airbus A320 assembly line project under construction in Tianjin2024-05-08 23:27
With help from AI, Randy Travis got his voice back. Here's how his first song post2024-05-08 23:25
Warships engage in comprehensive training2024-05-08 23:01
Met Gala 2024: Rebecca Hall embraces Garden of Time theme with semi2024-05-09 01:04
Soldiers engage in reconnaissance training2024-05-09 00:26
On a train bound for spring2024-05-09 00:12
Sparking youthful passion for the stage2024-05-09 00:00
China Cruise Shipping Conference opens in Shenzhen2024-05-08 23:46
Stassi Schroeder takes 32024-05-08 23:23
LeBron James becomes first player to score 40000 points2024-05-08 22:56
Sudden heavy rains in Oman kill at least 17 including schoolchildren whose bus was overtaken2024-05-08 22:38
Chinese yuan strengthens to 7.0994 against USD Monday2024-05-08 22:34
Eagles lock in WR DeVonta Smith with 32024-05-08 22:27