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) The market continued to fall, hitting a new three-month low of USD/oz. Even the weakening of the U.S. dollar failed to push the yellow metal. Gold prices were trading around USD/oz as Asian markets opened on Thursday.
Except for gold, everything else is under pressure. The price of platinum and gold has fallen for several consecutive trading days and touched the low in recent years, while the price of palladium and gold has plummeted by nearly %, and investors continue to leave the product.
On Wednesday, the price of gold hit its lowest level of USD/ounce, the lowest level since March, and one step closer to the year-and-a-half low of USD/ounce in March.
The market’s forecast and expectation for the U.S. Federal Reserve to raise interest rates this month is currently the biggest pressure on the gold market. In the past trading day, the price of gold has dropped.
Forecasters from Societe Generale said that if interest rates are indeed raised next month, the next question is how to proceed in the future. It depends on whether the U.S. Federal Reserve will raise interest rates at least three more times by the end of next year, each by 1 basis point. In this case, gold prices will absolutely fall to USD/oz levels.
Well-known foreign media reported on Wednesday that Chicago Fed President Evans said when discussing the U.S. government debt issue at the University of Chicago Booth School of Business on Tuesday that he looked forward to the time when the U.S. economy is strong enough to withstand the U.S. Federal Reserve raising interest rates.
In addition, Minneapolis Fed President Kocherlakota, who has always been the most dovish among the U.S. Federal Reserve, announced on Wednesday that he will step down as chairman of the Federal Reserve and will not participate in the monthly meeting. The first vice president of the Minneapolis Fed will represent Kocherlakota at the year-end policy meeting. Kocherlakota will leave the world of finance and return to academia. The Minneapolis Fed named a former U.S. Treasury official as its successor on Tuesday.
After continued outflows of gold on Tuesday, total holdings fell to . tons, the lowest level since the financial crisis in 2018.
However, the lower gold price has promoted the demand for physical gold, and the gold price premium has risen to US$/ounce on the trading day this week.
The price of palladium and gold fell sharply on Wednesday, hitting a monthly low of .% and the price of U.S. dollars per ounce hit the lowest level since the end of the month.
The price of platinum gold continues to decline, hitting the lowest level in US dollars per ounce since January 2019. It has fallen by more than % so far this year.
Commodity portfolio managers said outflows have been a problem recently, while the South African rand continues to fall against gold, which has also driven down production costs.
Another 10,000 ounces were outflowed on Tuesday, with total holdings falling to the lowest in nearly two years.
Forecasters at Commerzbank said this extra supply would need to be absorbed, with most outflows coming from South Africa.