Bold precious metals

Bold precious metals

In 1933, U.S. President Franklin Ross Fuli used the power granted to the president by the Enemy Country Trade Act to prohibit ordinary people from holding gold in the United States. All U.S. citizens must sell gold coins and bars to the U.S. government. The Fed purchased golBold precious metalsd from the public at a price of US$20.67 per ounce, but this price was much lower than the market price at the time.

Overnight New York COMEX-August gold futures for delivery closed at 1283.1 US dollars per ounce, the highest was 1298.8 US dollars per ounce, and the lowest was 1281.3 US dollars per ounce, down 1.34% from the previous trading day. Overnight New York COMEX-September silver futures for delivery closed at $20.40 per ounce, down 0.89% from the previous trading day. The US dollar index closed at 81.45 points, up 0.06% from the previous trading day. The euro dollar closed at 1.3389, down 0.05% from the previous trading day. The price of light crude oil futures for September delivery on the New York Mercantile Exchange plunged 2.61% to close at $97.65 per barrel.

PradeepUnni, an analyst at RichCommGlobal in Dubai, said that demand for spot gold has increased before the Lunar New Year in early February. He said in a text message to his customers that the recent drop in gold prices has also stimulated the growth of gold demand.

FuturePathTrading futures analyst and broker Frank Lesh said that the currency market continues to be a factor affecting the price of gold, so it is not surprising that the price of gold has fallen to a 7-week low. Better-than-expected economic data also strengthened the U.S. dollar, and at the same time, the price of gold also triggered a sell order at $1,700 per ounce. Gold price support is at $1620-1660/ounce.

On August 9, the international gold price surpassed the platinum price of 1750 US dollars/ounce at an intraday price of 1779 US dollars/ounce. On August 10, the international spot gold closed at US$1794.5/oz, while the international spot platinum closed at US$1,763.25/oz. In more than two years, this is the first upside down of gold and platinum prices. According to industry insiders, this phenomenon is a manifestation of gold's financial and currency attributes exceeding commodity attributes. However, as of the reporter's deadline yesterday, gold closed at US$1798 per ounce, while platinum closed at US$1845 per ounce after several days of continuous rise.

WinThin, senior foreign exchange strategist at BrownBrothersHarriman, said that this should be a reminder to the market. When the news from Europe this week is mostly quiet, the potential risk is that there will be more bad news from time to time in Europe and disrupt theBold precious metals market.