The New York Mercantile Exchange gold futures for June delivery rose by 1.30 USD, or 0. 1%, to close at 1.847.60 USD per ounce; Silver rose about 10 cent, or 0.5%, to close at $2 1.97 per ounce.
The U.S. stock market rose on Thursday, bringing the stock market into a weekly rising pace. At the same time, investors weighed the minutes of the Fed meeting in early May, which strengthened that the Fed will start a round of 0.5 percentage point interest rate increase this summer to cope with the expected inflation, but then it will maintain the flexibility of monetary policy.
George Millin-Stanley, chief gold strategist at State Street Global Consulting, said by telephone: "Rising interest rates are harmful to gold, although this is not in line with the overall situation of history." However, Millin-Stanley also believes that in view of the huge inflationary pressure brought by the Russian war in Ukraine and the rising labor costs in the United States, there is still room for further increase in gold prices. He predicted that the rising labor costs in the United States will keep the cost of living in the United States within 5% before the end of the year.
He said: "This is an opportunity for gold and people who want to invest in gold." He added that this precious metal tends to perform better when the inflation rate remains above 5% for at least one quarter.
Traders have also been weighing whether the yield of US Treasury bonds has reached a recent high, especially the yield of 10-year US Treasury bonds has dropped from a high of about 3. 12% in early May to 2.76%. After rising for four consecutive trading days, the price of gold closed down on Wednesday.
During the period of market volatility, gold and silver have always been regarded as safe-haven assets, but in recent months and weeks, the trend of gold and silver has been more consistent with risky assets such as stocks, which has greatly annoyed some senior analysts.
About two weeks ago, the exchange rate of the US dollar reached its highest level in decades. However, as of the week of Thursday, the intercontinental exchange meta-index fell by 65,438+0.2%. The index measures the strength of the US dollar against a basket of major currencies. Some strategists, including StevenBarrow, head of strategy at Standard Bank G- 10, predict that the dollar may start to weaken. A stronger dollar will make commodities denominated in dollars more expensive for users of other currencies.
Other precious metals also closed higher on Thursday, with platinum closing at $937.40 an ounce, up 0.8%. Palladium price rose about 0.2% to close at $993.50 per ounce/kloc-0. Copper prices rose 0.2% to close at $4.26 a pound.
Analysis of gold trend
Jiang Fucai: Recently, the adjustment of gold has been completed, and a new round of rise has begun, from 1870 to 1840. After the basic adjustment, it became bullish. Friday also saw a shock rise, or a high point. Fundamentally, the dollar is still weak, there is still room for decline, and anti-correlation stimulus gold has also increased. So the main market is still bullish on Friday. Technically, the gold daily line crosses the star on Thursday and remains above the 5-day moving average. For the time being, the daily performance fluctuates and there is no absolute strength. Therefore, it is difficult to judge how the daily line will go on Friday, but above 1840, it is unlikely to plummet, and the daily line has a greater probability of closing the sun.
The performance of gold in the 4-hour cycle is still fluctuating upward. After the low level closed at 1840, Brin also closed up, and the interval 1840- 1868 was temporarily suppressed by Brin Middle Track 1855. In other words, gold is oscillating upward, and the visible low support is at 1855. Broken position 1855, bulls have a stronger desire to rise. The European market stands firm 1855, and the American market can be seen 1868. Determine the direction of the day and find the low point in the transaction. On Thursday, gold formed a short-term low at 1840, and the short-term support of 1844 also had a support point. Asia-Europe plate pays attention to the support of 1844. If it's not broken, it can be more radical. If it stays above 1840, the European and American markets will have a high point this weekend, with the target of 1868. It is expected that the weekly line will close again. In operation, Jiang Fucai suggested much lower and bullish.