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As investors are still uncertain about the US election Gold rebounded from previous losses to close higher on Tuesday, hitting its highest closing price in three weeks, as U.S. stocks lost momentum ahead of the upcoming earnings season amid worries about sex. However, analysts do not believe that gold prices will rise significantly in the future.
The U.S. dollar index fell
The US stock market earnings season is approaching, and the S&P fell
India’s Diwali will bring strong demand for gold
The U.S. Conference Board’s consumer confidence index hit a new low in March< br/>The weakening demand for gold in India has led to fundamental changes in the entire physical gold market. As gold prices have fallen for three consecutive years since 2006, India and China have purchased large amounts of gold, and thousands of tons of gold have flowed from London's vaults to the East. Gold's rally this year has been driven in part by Western investors piling into gold exchange-traded funds after the metal fell against the dollar per ounce late last year, but India and China have not been much of a part of the craze, causing gold to flow back to London's vaults.
However, this does not mean that the world's two largest gold consuming countries no longer love gold and silver, but the way they invest in gold is changing. In China, gold is increasingly popular as an investment product. Users can invest in gold on the Shanghai Gold Exchange on the platform of state-owned banks through mobile phones or the Internet. In addition, funds have also begun to flow into new financial investment products, such as gold. Bank of China this month became a member of the London Bullion Market Association conference. Yang Qing, deputy general manager of the bank's global markets department, said
We can see that China's investment demand will be staggering in the future. Gold will account for an increasingly higher proportion in ordinary people's asset allocation.
In addition, according to Yang Qing, the inflow of two gold stocks listed in Shanghai doubled in the first half of the year. This could offset the impact of falling jewelry demand in China this year. Hong Kong gold and jewelry retailer Chow Tai Fook reported that in the first three months of this year, same-store sales in mainland China fell by 1%, while same-store sales in Hong Kong fell by 3%. Hong Kong is the mainland's largest gold importer, but the mainland's gold imports from Hong Kong fell sharply by 1% in March to the lowest level since March.
Although physical demand has declined, this does not affect the outlook for gold. As of September, the gold holdings of the four listed companies in China were metric tons, accounting for only a small part of the total global gold holdings of metric tons, but history has proven that they can develop rapidly in the short term. Founded in New York in 2001, it became one of the largest in the world by 2008. The current gold holdings are approximately tons, worth US$100 million.
Compared with China, India's gold market is more supported by cash purchases of physical gold in rural areas, but the Indian government is also promoting gold financial products. Last year, India issued a gold sovereign bond and allowed people to deposit their gold holdings in banks. However, gold financial products account for only .% of the total value of India's gold stocks, according to producer data.
In addition, the market is concerned about whether Indians' interest in buying gold can be sustained as they become richer and gradually enter the middle class? In this regard, Kashyapa (h), general manager of global banking and markets at Scotiabank India, believes that the love of gold among millennials has not changed. The idea that a portion of their savings should be in gold is ingrained into their bones. The only problem is that for the younger generation, there are more places to spend money.
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