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SunSirs: Precious Metal Gold and Silver Fluctuated Horizontally
January 19 2023 11:10:30SunSirs(John)

Price trend

According to the data of SunSirs, the average price of silver market on January 18, 2023 was 5,258.67 RMB/kg, down 1.23% one day, down 1.62% from the average price of spot market at the beginning of the month (January 1), which was 5,345 RMB/kg; Compared with the early average spot market price of 4,368.33 RMB/kg at the beginning of October 2022 (October 1), an increase of 20.38%.

On January 18, 2023, the spot market price of gold was 418.19 RMB/g, down 0.09% one day, up 2.02% from the early average price of 405.91 RMB/g in the spot market at the beginning of the month (January 1); Compared with the early average spot market price of 389.84 RMB/g at the beginning of October 2022 (October 1), an increase of 7.27%.

Analysis review

In 2022, the rise and fall trend of precious metal gold and silver converged, but in April and August, silver fell deeper, and the recent recovery was more obvious. In December, silver continued the strong market of last month, and gold started to consolidate at a high level. In 2023, the price of silver began to stagnate, and the trend of gold price was good. At present, the annual increase of precious metal gold and silver is approaching.

The main reason for the price rise of precious metals in the past three months

  1. The policy space of interest rate increase in Europe and the United States was gradually narrowing expectations.
  2. Gold demand was expected to rebound.

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