SunSirs: Sep 23
On Sep 23, the domestic precious metal prices, spot gold and silver prices stop decrease and start increase. The average daily increase of spot silver is 1.95%, and the price of spot gold increases 1.17%.
According to the data monitoring by SunSirs, the average price of spot gold in China is 349.18RMB/g on the 23rd. Comparing with the price of the 1st (353.50 RMB/g), it decreases 1.22%. Comparing with the price of the Jan 1 (284.10RMB/g), it increases 22.91%. The price of spot silver in China is 4,442.33RMB/kg, which is 0.65% lower than that of Sep 1 (4471.33 RMB/kg), and 22.80% higher than that of Jan 1 (3,617.67RMB/kg).
Short-term Positive Factors
1. Geopolitical factors: On the 20th, the United States announced sanctions against three Iranian entities, such as the Central Bank of Iran. The geopolitical situation of U.S. -Iran relations is not optimistic.
2. Sino-US trade negotiation factors: According to Xinhua News Agency, the Sino-US economic and trade team held consultations at the Deputy ministerial level in Washington, and conducted constructive discussions on economic and trade issues of common concern. The two sides also seriously discussed the specific arrangements for the 13th round of high-level economic and trade consultation between China and the United States held in Washington in October. Both sides agreed to continue to maintain communication on relevant issues.
There are many uncertain risk events in Sino-US trade, the expectations of interest rate cuts of central banks are increasing, and the market hedging mood rises and falls. Generally speaking, the advantages of precious metals’ hedging, preserving and increasing value, and resisting inflation are favored by the market. Analysts from SunSirs believes that the prices of gold and silver have now tended to a relatively high level in the history, and the wait-and-see and risk aversion are expected to see a change, and the prices are expected to operate strongly in the near future.
If you have any questions, please feel free to contact SunSirs with email@example.com.