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On Friday (Sunday), Fed Vice Chairman Fisher ( ) released a strong signal for raising interest rates in his speech, saying that the U.S. economic growth prospects appear to be strong enough to prompt the Federal Reserve to start a gradual increase in interest rates. The subsequent release of the University of Michigan's consumer confidence index in the United States has risen to its highest level in a month this year, causing gold and silver prices to fall again.
What caught gold bulls off guard was the sudden huge sell-off in the market on Friday. According to financial blog Zero Hedging, the U.S. bond market was closed for Veterans Day on Friday. Within nearly an hour after the U.S. stock market opened, more than 10,000 gold futures contracts worth 100 million U.S. dollars were sold, and the price of gold fell directly from U.S. dollars per ounce to U.S. dollars. /oz. or less. Refreshed this year's monthly low. Zero Hedge points out: It’s been a bad week for gold prices since the expected rate hike after the Federal Reserve meeting in March, and the market will realize that U.S. inflation expectations will rise significantly in the coming years.
However, Asian buyers of gold have clearly provided considerable support for prices. In China, there are also many bargain hunters due to the drop in gold prices. At the same time, other metals such as silver and platinum are stronger than the bleak gold, with base metals also rising as infrastructure spending increases and industrial demand increases accordingly.
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