Due to the stable performance of American economic data, the dollar rose last week, which suppressed the price of gold denominated in dollars.
According to data released by the US Department of Labor last Thursday, the number of people who applied for unemployment benefits for the first time in the United States dropped sharply last week, and the number of people who continued to apply for unemployment benefits was the lowest since the week of July 2008 12. The data shows that the number of people applying for unemployment benefits in the United States dropped to 346,5438+0,000 in the first week of February 9, and it is expected to be 360,000. At the same time, the number of people applying for unemployment benefits for the first time in the previous week was revised to 368,000, with an initial value of 366,000.
The World Gold Council (WGC) said last Thursday that in 20 12, the global demand for gold declined for the first time since 2009, because the demand for jewelry in India and China declined, and the investment in gold coins and gold bars in the United States and Europe dropped sharply.
WGC pointed out in the report that although gold consumption is expected to stabilize this year, it may take some time to return to the record high level during the financial crisis.
TDSecurities said that the Asian region was closed for public holidays, which led to a decrease in gold buying in the region.
Geithmann, the founder and investment tycoon of Geithmann News Agency, told the media last Tuesday that investors should stay away from precious metals denominated in dollars.
He said: "I think gold denominated in dollars is in a very bad situation at present. I still look at gold denominated in yen. This is a cliche. I intend to continue to hold it, but gold denominated in dollars has definitely collapsed. "
UBS Group AG Group AG pointed out in a research report that "the lack of fundamental support makes it difficult for gold prices to gain upward momentum."
SharpsPixley pointed out in a research report, "As this week coincides with the Spring Festival holiday in China, it is expected that the demand for physical gold in the Shanghai Gold Exchange will slow down."
TimDudley, precious metal analyst at CanaccordGenuity, said, "There is a lack of demand for spot gold as a whole, and only short-term long-term intervention and large ETFs can be seen in the market.
There is no sign of capital intervention, and the price of gold lacks the motivation to support the rise. At the same time, the performance of other asset markets is far better than that of gold, which means that market investors have many choices at present. "
MKSCapital pointed out in the report: "The market is now accustomed to the gradual recovery of the US economy, and the expectation of further quantitative easing (QE) that continues to decline also keeps the price of gold falling. China's demand for physical gold will recover after the holiday, but the question is only to what extent. "
As of February 14, the world's largest gold ETF (Gold Holdings ETF)-SPDR Gold Trust decreased by 3.02 tons to 1, 322.97 tons.
This week, a large number of US economic data will be released, including the number of initial jobless claims and numerous housing market data. Investors will pay attention to whether the US data continues to improve. If so, it may further reduce the expectation of the Fed to implement more easing policies, which will be negative for gold. In addition, the minutes of the Federal Reserve 1 meeting will also attract investors' attention.