Gold prices fell
International gold prices fell sharply, dragged down by the continuing European debt crisis and unsatisfactory US macro data. Risk aversion regained dominance and risk assets fell across the board. , causing the international gold price to experience the only four consecutive negative events since May 5, 2011. International gold prices plummeted as of press time. The main gold futures contract for December delivery on COMEX in New York fell 2.11% intraday, down $34.70 per ounce, to $1,612.30 during the session and as low as $1,606.80.
The Beige Book released by the Federal Reserve showed that U.S. economic growth was weak in September, the economic outlook continued to be bleak, and there was almost no change in the labor market. The Beige Book, which was more pessimistic than before, made the U.S. economic outlook worse in the short term. This quickly aroused market concerns, which was the main driving factor for gold, a pseudo-safe haven asset, to fall during the U.S. session. International gold prices plummeted.
In addition, the European debt crisis is still shrouded in mystery. Affected by rumors that the EU summit may not make any significant progress this Sunday, the euro zone is under great pressure. What further puts pressure on this sentiment is that On October 20, 2012, there were further rumors about the extent of the European market after the end of trading. Rumors claim that European leaders may postpone their October 23, 2012 summit due to an inability to reach consensus on how to use funds from the European Financial Stability Facility (EFSF). International gold prices plummeted.
The market originally hoped that the EU summit on Sunday could reach an agreement on the EFSF matter, thereby helping to stabilize the euro zone debt crisis. However, if the summit is indeed postponed, the market's risk aversion will take over again. The U.S. dollar index will take advantage of the trend and the international gold price will plummet, and the gold price will be suppressed again.
It is worth mentioning that the economic fundamentals of the Eurozone have also failed to improve. The international gold price plummeted. The European Union announced on October 20, 2012 that the initial value of the Eurozone consumer confidence index in October 2012 fell to -19.9%. This was the fifth consecutive month of decline for the index.
The European Commission announced on October 20 that the preliminary value of the Eurozone consumer confidence index in October fell to -19.9% ??from -19.1% in September; economists surveyed had expected that in October The index will fall to -21.0%.
Preliminary data showed that consumer confidence in the euro zone continued to weaken in October as the shadow of the euro zone debt crisis lingered. In addition, many data also highlighted that the European economy is slowing down.
International gold prices hit their lowest point
During the Spring Festival, domestic gold futures, deferred delivery and other products were suspended from trading, while the international gold market continued. Last week (February 11-February 17), the international gold price plummeted, falling from US$1,680 per ounce to around US$1,610, hitting its lowest level in half a year.
It is understood that on February 14, the euro zone announced that the quarterly GDP growth rate in the fourth quarter of 2012 was -0.6%, and the annual growth rate was -0.9%. The degree of attenuation was the worst since the third quarter of 2009. Performance. This news suppressed investor confidence in Europe's economic recovery and the euro index. At the same time, there is news that the finance ministers and central bank governors of the global G20 countries will issue a statement to jointly curb the continued implementation of monetary easing policies by central banks. This news has significantly reduced investors' hedging for gold. Demand has restrained the rise in gold prices.
Under the guidance of adverse news from all parties, both international gold futures and spot prices fell sharply last week, from around US$1,680 per ounce on February 11 to US$1,680 per ounce at the close of Saturday. $1,610 per ounce. Equivalent to RMB, it has fallen by more than 14 yuan per gram, and the current price is about 321 yuan per gram.
According to a senior gold investor, paper gold from commercial banks continued to trade during the Spring Festival holiday, and it is most closely related to the international gold price. Since August 2011, international gold has basically fluctuated between US$1,600 and US$1,800 per ounce. In 2012, the price was US$1,610, the lowest since June 2012, and obvious investment opportunities have emerged. Among various gold investment methods, paper gold has an advantage in price and relatively strong liquidity, which deserves investors' priority.