Summary of precious metal spot price trend
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According to the data of business agency, the average price of silver market in early trading on July 7 was 4191.67 yuan / kg, down 4.55% from the average price of 4391.67 yuan / kg in the spot market at the beginning of the month (July 1); Compared with the spot market price at the beginning of the year (January 1), the average price in early trading was 4770 yuan / kg, a decrease of 12.12%.
On July 7, the spot market price of gold was 377.02 yuan / g, a daily decrease of 2.16%, which was 3.41% lower than the average early market price of 395.54 yuan / g at the beginning of the month (July 1); Compared with the spot market price at the beginning of the year (January 1), the average price in early trading was 372.37 yuan / kg, an increase of 1.25%.
Comparison of precious metal gold and silver price trends in recent 1 year
In the long term, the price trend of precious metals has a good convergence, the long-term trend is basically the same, and the amplitude is slightly different.
Price trend of precious metals and crude oil
Policy Overview
1. Domestic news
The central bank today conducted a 7-day reverse repurchase operation of 3 billion yuan, with the bid winning interest rate of 2.10%, unchanged from the previous period. As 80billion yuan of reverse repo expired today, 77billion yuan of net withdrawal was achieved on that day.
At the end of June, China’s gold reserves were reported at US $113.8 billion; China’s foreign exchange reserves in June were 3071.27 billion US dollars, expected to be 3113 billion US dollars, with a previous value of 3127.78 billion US dollars, a decrease of 56.51 billion US dollars month on month.
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2. International news
The Federal Reserve released the minutes of the meeting. Among them, most officials of the Federal Reserve believe that the growth risk tends to be downward, and it may take some time to reduce the inflation rate to 2%. If inflation continues, the Fed believes that a “more restrictive” level of interest rates is possible. Fed officials believe that the FOMC meeting in July will raise interest rates by 50 basis points or 75 basis points, and expect economic growth to rebound in the second quarter.
The Russian State Duma (the lower house of parliament) passed a bill stipulating that information about the size of Russia’s gold and foreign exchange reserves should be classified as state secrets. In addition, in order to reduce foreign currency deposits in banks, Russia allows banks to implement negative interest rates on foreign currency deposits of legal entities.
Aftermarket forecast
In terms of international policy, the expectation that some central banks in the world will significantly raise interest rates and the monetary policy of major central banks as a whole will be tightened is intensifying. In particular, the Federal Reserve will control inflation by raising interest rates, and the price of interest-free asset precious metals is under pressure. Precious metal prices are expected to remain weak and volatile in the short term.
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