On Monday (July 30) in the early Asia-Pacific session, gold prices fluctuated at a high level. QE3 expects a moderate rise to make gold prices fDezhou precious metal trading analysisluctuate higher recently. And this week, the market will usher in the European Central Bank's interest rate decision, the Federal Reserve's monetary policy meeting and US non-agricultural data. Currently, gold market investors are watching the changes.
David Jones, chief market analyst at IGMarkets, said in an email that Greece is still the most worrying issue for the market. Although Greece held a general strike today, the market seems to be optimistic that Greece's new fiscal austerity plan will be approved and external assistance will make progress.
The Torino newspaper "LaStampa" reported that the International Monetary Fund may provide Italy with 400-600 billion euros of financial support, thereby providing Italian Prime Minister Monti with a window of 12-18 months for reforms to restore the market’s debt repayment to Italy Confidence in ability.
The secondary cosmic velocity theory of the return of gold value has been proposed as early as three years ago, and it has been clearly pointed out that when the price of gold continues to rise above US$1,000 per ounce, it is the beginning of the return of gold currency attributes. What I want to further point out is that the currency attribute of 1,500 USD may return to the accelerated period, and 5,000 USD is a sign of the return of the gold standard.
On the same day, the price of silver futures for September delivery rose 42.7 cents to close at $31.048 per ounce, an increase of 1.39%. The platinum futures price for October delivery fell 1.2 US dollars to close at 1553.2 US dollars per ounce, a decrease of 0.08%.
However, rising gold production still cannot reverse the trend of increasing gold supply gaps. Wang Lixin said that gold supply mainly comes from mine output and recycled gDezhou precious metal trading analysisold supply. Since the beginning of this year, the supply of recycled gold has decreased, coupled with the substantial increase in the net purchase of official departments. Although gold mining production has increased, the total gold supply is higher than that in 2010. Reduced by 4% in the first quarter of the year.