Current location:Stellar Stories news portal > entertainment
International gold price expected to continue rising: analysts
Stellar Stories news portal2024-05-21 16:45:46【entertainment】8People have gathered around
Introduction(ECNS) –The international gold price maintained its upward trajectory, recording new highs on Friday
(ECNS) –The international gold price maintained its upward trajectory, recording new highs on Friday, driven by factors including U.S. Federal Reserve policy shifts, geopolitical tensions, and increasing demand among central banks, with analysts predicting continued bullish sentiment amid expectations of a rate cut and safe-haven appeal.
COMEX gold futures for June closed 1.76 percent on Friday, reaching a staggering $2,349.1 per ounce. This marks another milestone in the relentless climb of gold prices, which have risen by over 14 percent since March.
Currently, the retail price of domestic gold jewelry from across China has surpassed 700 yuan (about $96.77) per gram.
“The currently rapid rise in gold prices began in early March when ISM Manufacturing PMI statistics came out significantly below expectations. Subsequently, Federal Reserve Board Governor Christopher Waller mentioned the reduction of MBS holdings while increasing Treasury holdings, further fueling market expectations of the Fed’s implicit easing of monetary policy, thereby driving the gold price upwards,” said Wang Yanqing, chief researcher of precious metals at China Futures.
U.S. economic statistics like rising unemployment, declining PCE price index, and lower-than-expected retail sales, confirmed that the resilience of the U.S. economy is diminishing, boosting expectations for the Fed’s rate cut in June and supporting the rise of gold prices.
Consumers shop at a gold jewelry store in Hohhot, Inner Mongolia Autonomous Region, on March 8, 2024. (Photo/China News Service)Address of this article:http://iceland.ekjotinstitute.com/html-88a699846.html
Very good!(36)
Related articles
- Adams, Reyna, Turner, Ream are US concerns ahead of Copa America
- Liaocheng Promotes Family Education
- 'Family Affairs Investigators' Help Residents Resolve Marital, Family Disputes
- Spring Bud Blooms on Daliang Mountain
- Trump accepts a VP debate but wants it on Fox News. Harris has already said yes to CBS
- Police Stations Establish Women, Children's Rights
- Shanghai Protects Women's Rights, Interests
- Campaign Advocates Green, Low
- Trump accepts a VP debate but wants it on Fox News. Harris has already said yes to CBS
- Strengthening Protection of Children's Rights, Interests
Popular articles
Recommended
OpenAI pauses ChatGPT voice after Scarlett Johansson comparisons
Strengthening Protection of Children's Rights, Interests
Federation Improves Women's Rights
Helping Women Improve Health
Pope trip to Luxembourg, Belgium confirmed for September, 2 weeks after challenging Asia visit
Establishing Guidance System for Family Education
Inner Mongolia Strengthens Protection of Women's Rights, Interests
Inner Mongolia Strengthens Protection of Women's Rights, Interests
Links
- China initiates program to boost employment among college graduates
- Chinese companies set new digging record in tunnelling projects in Nepal
- Chinese police take back 130 gambling, scam suspects from Cambodia
- 2023 in review: A fruitful year for China's manned space program
- Scientists develop new artificial leaf
- Michael Busch homers in his 4th straight game to power the Cubs past the Mariners 3
- In pics: Wudongde hydropower station in SW China
- Katie Holmes sports a chic designer look while enjoying a stroll around New York City
- Michael Jordan's game
- Tiger Woods hints at an end to bitter PGA