According to the Commodity Market Analysis System of Business Society, the spot market price of gold on December 26, 2023 was 480.64 yuan/gram, an increase of 1.30% compared to the spot market price of gold at the beginning of this month (December 1), which was 474.48 yuan/gram.
According to the Commodity Market Analysis System of Business Society, the average price of silver in the market on December 25, 2023 was 6060 yuan/kg, a decrease of 1.83% compared to the average price of 6173 yuan/kg in the silver market at the beginning of this month (December 1).
From November 2022 to early February 2023, precious metal prices significantly increased. From March to the end of April, due to the impact of the US banking crisis, precious metal prices once again entered a period of skyrocketing. Silver prices began to fall in May, while gold remained relatively strong. In June, gold prices hit a high level and silver prices began to rise. After July, gold prices became stronger. In mid to late September, precious metal prices were affected by news from the Federal Reserve, leading to a high level correction. In October, due to geopolitical factors, the risk aversion sentiment rose and continued to rise. In early November, the high range was weak and fluctuated horizontally. At the end of the month, precious metal prices resumed, and silver saw a stronger monthly increase than gold. Silver prices slightly declined in December, while gold prices remained relatively strong
At present, the price of precious metals has been fluctuating in the high range after reaching a new decade high in the early stage. Under the high inflation and high interest rate hikes we anticipated earlier, the pace of overseas economic recession may lead to a relatively strong sense of risk aversion, which is currently reflected in prices. Some central banks around the world have increased their holdings of gold reserves, which has also provided some support for gold prices. It is reported that in the third quarter of 2023, central banks and other institutions of various countries increased their holdings of gold by 337.1 tons, an increase of 93% compared to the previous quarter.
The recent release of US GDP and inflation data in the third quarter has strengthened the possibility of aggressive interest rate cuts when the cooling level is deeper than expected. The Federal Reserve’s expectation of interest rate cuts in 2024 has increased, which is beneficial for precious metal prices. In the short term, it is expected that precious metals will operate stronger.
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