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On August 2, the COMEX precious metals were reviewed

by:Deyuan      2020-12-23
New York on August 2, the COMEX gold futures closed at nearly a month highs on Tuesday, on expectations the fed will delay the tightening monetary policy, while other central Banks continue to relax.

Europe and the United States stock market fell, the dollar hit a more than a month minimum, weak U. S. economic growth figures released this week to make short term interest rate hike expectations.

New York time on August 2, 12:30 ( Beijing time on August 3 01:30) , the index on the COMEX gold futures for December contract closed up 1%, 1372 an ounce. $60 for since July 6, the highest closing price.

U. S. stocks fell, European stocks fell to a three-week low, compression in bank stocks weakness, the euro for the first time in more than a month to 1 above. $12.

July lows prices have a more than 4%, because of the weak us economic data and fed officials last month dovish remarks confirmed some investors speculated that the central bank is unlikely to raise interest rates in September. Low interest rates are expected to boost gold, because it is a kind of interest-bearing assets.

Lynn group ( LinnGroup) Strategist IraEpstein said, & other; There is a sense that the fed can't do too much, as they'd ( Raising interest rates) And people into gold. ”

the federal funds rate futures suggests that the fed to raise interest rates before December the probability of less than 40%, and increase the chances of September is only 15%, less than 18% of the day.

RobinBhar, an analyst at societe generale said, & other; Released on Friday in the second quarter gross domestic product ( GDP) Weak data, seem to give gold to loosen the bundle, it basically the possibility of the fed to raise interest rates next time delayed, maybe up to 2017. ”

in addition, gold prices also boosted by other central bank easing monetary policy.

Australia's central bank cut interest rates by 25 basis points on Tuesday to 1. The record low of 5%, this is the second time in the years to cut interest rates, rising to protect the economy from the threat of deflation, and suppress too strong Australian dollar.

many investors the meeting on Thursday, the bank of England is expected to ease monetary policy, in order to quell the British withdrew the influence.

the loose monetary policy tends to boost demand, as investors hope to inflation and currency weakness to protect their wealth.

the dollar index fell 0 latest Wall Street journal. By 8% to 86. 14, gave investors a another reason to buy gold. For overseas buyers, a weaker dollar makes dollar-denominated gold prices cheaper.

Epstein, said gold could hit $1400 an ounce, before easing.

HamzaKhan ING analyst said, & other; People in the United States not to raise interest rates and stock market worried about overheating, increasing these concerns, the gold market has a lot of momentum. ”

but some investors warn that the market may be underestimating the interest rates in the United States.

London brokerage firm MarexSpectron director of precious metals DavidGovett points out, & other; The fed seems to be in a wait-and-see mode, this is good for gold, but sometimes they express in September is still likely to raise interest rates. ”

the next clue about interest rates in the United States time will be released by the labor department on Friday July non-farm payrolls data.

other precious metals futures, silver contracts in September rose 0. 201 dollars, an ounce of 20. 701 dollars.

platinum futures rose in October 8. Eight dollars, closed at $1172 per ounce. One dollar
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