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On Monday, the price of gold futures for monthly delivery on the New York Mercantile Exchange rose by .USD, or .%, to close at an ounce. The price of silver futures for monthly delivery in US Dollars rose by .USD, or .%, to close at . in U.S. dollars per ounce. International spot gold closed at .USD/oz on Monday, up .USD, or .%. Gold's gains on Monday were mainly boosted by continued gold inflows, while the dollar's fall after hitting a seven-month high was also positive for gold.
On Monday, Fed Vice Chairman Fisher said in his speech that there are many factors causing the low interest rate environment, including low productivity, aging population, etc., but he did not talk about the outlook for future interest rates. The dollar fell after Fisher's speech, with USD/JPY hitting a fresh intraday low. The previously announced New York Fed manufacturing index fell sharply by .%, which also put pressure on the U.S. dollar index.
Analysts said that the current support for gold is average, but inflows have continued since the beginning of this month, and the increase so far this month has been higher than that of the entire last month. On Monday, the world's largest gold holdings increased by . tons from the previous day, and the current position is . tons. According to Reuters data, gold holdings have increased by 10,000 ounces so far this month to 10,000 ounces. Separately, spot gold prices have fallen about 1% over the past seven weeks but are expected to stabilize after many speculators exited their long positions.
Data show that in the two weeks ending on March 1, fund managers reduced their net long contracts by approximately 10,000, the largest reduction since the beginning of the year, indicating that the swing forces have withdrawn from the market. Moreover, with the arrival of the Indian wedding season and the Chinese New Year, buying of physical gold will resume its upward trend. World Gold Council officials said in an interview with Reuters that China, the world's largest gold consumer, will maintain demand for tons next year, close to the level of 2018.
Bloomberg reported that fund managers and investors in the gold market are currently in a melee. Fund managers and other big speculators are pulling back, cutting their net long positions by the most in a decade over the past two weeks, while investors are bullish on gold, with $100 million invested in the past week, pushing gold tracked by Bloomberg to Open interest remains at its highest level since the beginning of the year.
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