International gold price expected to continue rising: analysts
(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
DAILY MAIL COMMENT: A very good day for our united kingdom
No matter how many contortions he performed during his unedifying bid to cling on to power, Humza Yo2024-05-01Station Provides Family Education Guidance Service
Contact Us HomeNewsHighlightACWF NewsSocietyWom2024-05-01People Pay Tribute to Deceased Ahead of Qingming Festival in Beijing
Contact Us HomeNewsHighlightACWF NewsSocietyWom2024-05-01China's Puyuan Ramps up Efforts to Develop Knitwear Industry
Contact Us HomeNewsHighlightACWF NewsSocietyWom2024-05-01Confidence of US consumers continues to decline as Americans worry about the future
WASHINGTON (AP) — U.S. consumer confidence deteriorated for the third straight month as Americans co2024-05-01Promoting Harmony Within Families
Contact Us HomeNewsHighlightACWF NewsSocietyWom2024-05-01
atest comment