(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)Related articles:
Related suggestion:
Cultural Exhibition of Countries Along Belt and Road Held During 2023 CIFTISVirtual Technology Showcased at 2023 CIFTISRelocated Villagers in Jinghai District of China's Tianjin Return Home As Flood RecedesSchools Carry out PostApps simplify expense steps for foreign usersCommodity, Trade Expo Opens in Xinjiang with Focus on Trade PromotionChina Takes 5th Consecutive Women's Team Title in Asiad Table TennisDancing Becomes Popular Entertainment in Taxkorgan, XinjiangYoung Chinese Adopt Intelligent Tech for Agricultural Production11th Straits Youth Day Marked in Fuzhou
2.801s , 6500.265625 kb
Copyright © 2024 Powered by International gold price expected to continue rising: analysts ,Stellar Stream news portal