From a technical point of view, the recent plunge in the price Google Wheaton Precious Metals Newsof gold has not reversed the upward trend of gold since the 2008 financial crisis. It is supported above the 200-day moving average. There is a large number of buying orders in the range of US$1550-1600, which brings gold to gold. Strong support, so it is impossible for the price of gold to continue to run below $1,600, and the price of gold is currently stabilized above $1,600.
When there was a gold boom in 2011, Japan moved in the opposite direction. Consumers went home to look for the gold jewelry they bought in the past and took them to gold shops to exchange for cash, because for them, they could make those gold jewellery at a high point. It's a blessing to get rid of the tatters.
optionsXpress said that the European political situation and the debt crisis in the region are still important factors affecting the behavior of gold traders. The agency said: The gradual deterioration of the economic situation can be seen as having a negative impact on precious metals; if the crisis continues to expand, the price increase caused by buying gold from safe-haven demand will exceed the impact of gold selling caused by the strengthening of the US dollar.
In addition, the spread between US crude oil and London Brent crude oil has clearly begun to narrow, shrinking to the narrowest level since July last year. On March 22, the US crude oil futures price closed at US$93.71 per barrel. During the same period, the price of Brent crude oil was US$107.66 per barrel, with a spread of US$13.95. Some analysts believe that the spread has room for further narrowing.
After 11 consecutive years, the gold price, which hit a record high, failed to continue its upward pace. On Tuesday, gold prices fell sharply from their highs after surging up to $1,610 per ounce. As of press time, the international spot gold price fluctuated around US$1585 per ounce, nearly US$30 from the high point. In the absence of any negative changes in fundamentals, market participants analyzed that the gold price correction this time was due to investors' profit-taking after a short-term continuous surge. In the short term, gold prices may remain strong, and may even reach new highs.
However, poor employment data caused gold prices to soar by nearly $60 in intraday trading, helping gold futures close at a three-week high. Especially in the last half hour of the day, the price of gold accelerated its rise and hit multiple record highs. In the end, the COMEX August gold contract rose 57.90 US dollars, or 3.7%, and the settlement price was reported at 1622.10 US dollars per ounce. In recent months, the June gold contract closed up 57.90 US dollars, or 3.7%, to 1620.50 US dolGoogle Wheaton Precious Metals Newslars per ounce.
PhiladelphiaTrustCo. Investment Director Richard Sichel pointed out that the spot-backed gold ETF has expanded rapidly in recent years. The world's largest gold ETF fund SPDR has accumulated $56 billion in gold, holding more gold than many central banks.
This weekend, Egypt will hold the 26th Arab League Summit. At that time, Arab leaders will discuss how to establish a joint Arab army proposal, which was proposed by Saudi Arabia and Egypt to intervene in regional crises. Hardy will also participate in the meeting. This summit may also discuss the Yemen crisis and how to handle it—or approve the coalition’s participation in operations.
In addition, the government work report proposed: high-quality joint construction of the'Belt and Road'. Adhere to extensive consultation, joint contribution and shared benefits, follow market principles and internationally accepted rules, give full play to the role of the main body of the enterprise, and carry out mutually beneficial cooperation. Guide the healthy development of foreign investment. Promote trade and investment liberalization and facilitation. Firmly safeguard the multilateral trading system and actively participate in WTO reforms. Promote the signing of regional comprehensive economic partnership agreements and advance China-Japan-Korea free trade negotiations. Jointly implement the first phase of China-US economic and trade agreement. Committed to strengthening economic and trade cooperation with other countries to achieve mutual benefit and win-win results.