On the 21st, precious metals saw a slight decline from their high levels
| Thiourea |
Precious metal prices rose in July. According to the commodity market analysis system of the business community, on July 21, 2023, the price of gold in the Spot market will be 459.28 yuan/g, a daily drop of 0.44%; Compared with the price of 448.60 yuan/g in the Spot market of gold at the beginning of the month (July 1), it rose 2.38%.
Silver fell back to the beginning of the month
According to the commodity market analysis system of the business community, the average silver market price will be 5843.67 yuan/kg on July 21, 2023, a daily drop of 1.36%, up 7.57% from 5432.33 yuan/kg at the beginning of the month (July 1).
Summary of Price Trends of Precious Metals and Crude Oil
In the early stage, the correlation between precious metals and crude oil trends is strong. After the second half of 2022, precious metal prices have bottomed out and stabilized, and the magnitude of macro factors affecting them has begun to show differentiation. The trend of precious metals and crude oil began to converge in late March, but after mid April, the trend began to diverge again. Mainly due to the increased impact of risk aversion on the rise of precious metal prices. Recently, crude oil prices have rebounded, and precious metal prices have also followed suit.
Comparison of precious metal gold and silver price trends in the past year
In 2022, the rise and fall trends of precious metal gold and silver have converged, but the decline in silver was deeper from April to August, and the recent recovery has been more significant. In December, silver continued its strong trend last month, and gold began to consolidate at high levels. In 2023, precious metal gold and silver have consolidated at high levels, with a slight decline in February. Since March, precious metal prices have started to rise. Silver prices began to decline in May, while gold remained relatively strong. In June, gold prices reached a high level and silver prices began to rise.
Policy Fundamentals Data
The Consumer Price Index (CPI) in the UK rose 7.9% year-on-year in June, lower than expected.
noble metal
At present, the price of precious metals has been fluctuating in the high range after hitting a 10-year high in the early stage. In the early stage, we expected that under the high inflation and high interest rate hikes, the pace of overseas economic recession may lead to a relatively strong sense of risk aversion, which is currently reflected in prices. Some central banks around the world increased their holdings of Gold reserve, which also formed some support for gold prices.
Silver rose significantly in July, and its price was overestimated by fundamentals, leading to profit taking in funds. In addition, with the July Fed meeting approaching, interest rate hikes are expected to be high, although it may be the last rate hike in the Fed’s most aggressive tightening rate hike cycle in 40 years. Interest rate hikes suppress precious metal prices. In the short term, precious metals have been volatile and bearish after recent highs; In the medium to long term, it remains bullish. Mainly due to the end of the tightening cycle, overall commodities may gradually improve, and silver commodities have a larger attribute and still have upward momentum.
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