According to data from SunSirs, the spot price of gold on August 5 was 435.80 yuan/g, and the average spot market price on the 4th was 565 yuan/g in early trading, an increase of 1.75%; compared with the beginning of the year (01.01) gold spot price was 342.54 yuan/g, an increase It is 27.28%; compared with the valley value (3.19) gold spot price of 331.75 yuan/g during the year, an increase of 31.36%.

The average silver market price on August 5 was 6032.67 yuan/kg, which was an increase of 6.61% from the spot market price on the 4th in early trading, which was 5,658.67 yuan/kg; compared with the beginning of the year (01.01) silver spot price was 4,281.67 yuan/kg, which was an increase of 37.85%; Compared with the trough value of the year (3.19), the silver spot price was 2,942.67 yuan/kg, an increase of 105.01%.

The price of gold hits a record high in the past 9 years

According to the SunSirs Commodity Index System, the gold commodity index on August 5 was 115.78, an increase of 1.99 points from August 4, setting a new historical high in the cycle, and an increase of 100.73% from the lowest point of 57.68 points on August 2, 2015. (Note: Period refers to 2011-09-01 to present)

China's spot gold price hit a record high in the past 9 years. On the 5th, Shanghai Gold on the Shanghai Gold Exchange (a gold bullion with a standard weight of 1 kg and a fineness of not less than 99.99%) was quoted at 438.84 yuan/g at midday, and 435.58 yuan/g in the early trading, up 3.27 yuan/g within the day.

As of 17:52, the international spot gold price exceeded US$2,040 per ounce, an intraday increase of 1.08%.

According to the SunSirs Commodity Index System, the Silver Commodity Index on August 5 was 68.80, an increase of 4.26 points from August 4, and a decrease of 33.05% from the highest point in the cycle of 102.76 points (2011-09-06), compared with March 2020. The lowest point of 33.56 on the 19th rose 105.01%. (Note: Period refers to 2011-09-01 to present)

The price of silver has been consolidating at a low level for many years. On the 5th, it broke through 6,000 yuan/kg again, and the silver commodity index stood at 68.80. On the 5th, the spot silver price soared, and Shanghai Silver on the Shanghai Gold Exchange (standard weight 15kg, fineness not less than 99.99% silver bullion) The midday quotation was 6126 yuan/kg, which was an increase of 451 yuan/kg, or 7.95%, from the 5,675 yuan/kg quoted at midday on the 4th.

Futures daily limit: The main silver contract of Shanghai Futures Exchange 2012, the opening price of 5,724 yuan/kg in night trading, the highest intraday price of 6,152 yuan/kg, and the final transaction price of 6,144 yuan/kg, an increase of 7.51%; the silver price on the 5th day fluctuated at a high level , The last daily limit, the closing price was 6,172 yuan/kg, an increase of 8%.

The price trend of gold and silver is converging, and the ratio of gold to silver is pushed down to below 80

According to SunSirs data, based on the price of gold and silver on September 1, 2011, the domestic spot gold and silver prices have generally converged in the past 10 years, but the range of fluctuations has become increasingly divergent. After the gold-silver ratio has expanded, it has been running high for a long time.

Silver prices soared on the 5th, superimposed on the recent surge in silver prices, the gold-silver ratio pushed down, and the difference between the rise and fall of gold and silver continued to shrink. As of 18:12, the average daily price of US Gold Link (GNLC) in the futures market was US$2041.7 per ounce, and the average price of US White Silver Link (GNLC) was 2631.3 US cents per ounce. The ratio of gold to silver was 77.59.

Strong momentum

The strong rise in the price of gold exceeded US$2,000 per ounce, which was the result of a multitude of factors. The continued accumulation of market risk aversion is generally affected by the following aspects:

1. Central banks of various countries are expected to loose monetary policy, some countries have negative real interest rates, and central banks cut interest rates and large-scale stimulus measures frequently occur;

2. Uncertainty in global economic recovery or continued downturn under the influence of the epidemic;

3. Geopolitical factors, the uncertainty of Sino-US relations, increasing uncontrollable factors;

4. The weaker U.S. dollar will affect the profitability of precious metal investment.

Market outlook is expected

China's gold price has been at a high level in the past 10 years. The international gold price has exceeded 2,000 US dollars per ounce. Many people think that 2,000 US dollars per ounce is a resistance level. If it breaks through, it can skyrocket, complete the megatrend, and even shout the future expectations of $3000/oz. But objectively speaking, precious metals have received high attention from capital recently, and the upward trend is gratifying. However, with the reduction of uncertain events, risk aversion may fall back. 

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