On the last trading day (4th), the European Central Bank unexpectedly announced an interest rate cut that caused the euro to fall sharply, thereby pushing the dollar to rise. Precious metals such as gold recorded significant declinesPrecious Metals Company Compliance Checklist due to this impact. Subsequently, the employment data released by the United States fell short of expectations, which curbed the continued downward trend of precious metals and rebounded somewhat. As of the close, London Gold reported US$1,261.70, down US$7.55, or 0.59%; spot silver closed down US$0.14 to US$19.03, or 0.73%.
2. Data released by the U.S. Department of Commerce (DOC) on Thursday showed that the annualized monthly rate of new housing starts in the U.S. in October fell by 0.3%, bringing the total annualized to 628,000, which is expected to be 611,000; the previous value was revised to an increase of 7.7%. The initial value increased by 15.0%, and the total number was revised annually to 630 thousand households, and the initial value was 658,000 households.
However, due to the optimistic interpretation of non-agricultural data, the price of gold and silver immediately rose and fell. Analysts pointed out that although the number of non-agricultural employment in the United States in January was slightly lower than expected, and the unemployment rate data was higher than expected, the data for November and December were revised up significantly. At the same time, the average monthly non-agricultural employment in 2012 was also revised up from the initial value, suggesting that the employment situation in the United States is continuously improving.
As of the close of London spot gold in the early hours of last Saturday morning, London spot gold closed at 993.4 US dollars per ounce, a new high since March 17, 2008. The domestic gold price corresponding to this price also exceeded 217 yuan per gram, close to Recent highs.
On the same day, the price of silver futures for delivery in July fell 21.8 cents to close at 29.241 US dollars an ounce, a decrease of 0.74%. The price of platinum futures for delivery in July fell 9.1 US dollars an ounce to close at 1499.2 US dollars, a decrease of 0.6%.
Jeffrey Sherman, Commodity Portfolio Manager at DoubleLine Capital, said the market is repPrecious Metals Company Compliance Checklistricing various risks and the dollar is rising. Therefore, I think gold cannot play a hedging role today. There is really no benefit to holding gold at the moment, because there is no need to worry about inflation. There may be some worries about the government printing money, but it is not imminent.
The Herald reporter went to the Yantai Central Branch of the People's Bank of China to learn about the situation. A woman in his office declined to be interviewed on the grounds that the matter was not subject to the supervision of the central bank. In the Yantai Supervision Branch of the Shandong Banking Regulatory Bureau, its deputy director Wang Jianping also said that the Banking Regulatory Bureau only supervises the various businesses of banks. The trading of precious metals such as gold in Shandong Standard Gold is also outside its scope of supervision.