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SunSirs: China's Gold Spot Price Fell by 6.67% in June, and China's Silver fell by 7.58% Monthly
July 01 2021 09:06:05SunSirs(Linda)

Precious metal prices run weakly in June

On June 30, the silver market price in early trading averaged 5,304.33 yuan/kg, compared with yesterday's spot market price in early trading at 5336.67 yuan/kg; down 0.61%; compared with the early June (June 1) spot market price in early trading average price of 5,739.67 yuan/kg , A decrease of 7.58%; compared with the beginning of the year (01.01) silver spot price of 5550 yuan/kg, a decrease of 4.43%.

On June 30, the gold spot price was 366.77 yuan/g, down 0.79% yesterday; compared with the early June (6.1) spot market price in early trading, the average price was 393 yuan/g, a drop of 6.67%; compared with the beginning of the year (01.01) gold spot price was 392.70 yuan/ Grams, a decrease of 6.60%.

In June, due to the rise in the yields of the U.S. dollar and U.S. Treasury bonds, a certain amount of disk suppression was formed on precious metals. The dynamic price of precious metals within the month showed a weak operation.

Precious metals are picking up and tending to oscillate gradually

The price of precious metal silver has declined recently, mainly based on the strong performance of US data and the hawkish remarks made by Fed officials. The market expectations of a strong US dollar and rising interest rates have suppressed precious metal prices.

The FOMC kept its policy interest rate unchanged at the June meeting and did not change its asset purchase plan. However, the committee raised its inflation expectations for this year and next, suggesting that interest rates may rise faster than expected. The dot plot shows that more and more Fed officials are turning to "hawks": Among the 18 officials participating in the forecast, 7 officials are expected to start raising interest rates in 2022, and 4 in March this year; 13 officials are expected to The interest rate hike will begin in 2023, and in March of this year, it will have 7 members. This expectation of raising interest rates in advance has also depressed precious metal prices to a certain extent.

Although investment demand is not good, in the medium and long term, in terms of physical consumption, industrial demand for silver and platinum is expected to grow strongly driven by the economic recovery, especially driven by the concept of green and renewable energy.

Weakness within the day, recent attention to U.S. small non-farm data

On June 30, 2021, Shanghai Silver on the Shanghai Gold Exchange (standard weight 15 kg, fineness not less than 99.99% silver ingots, pricing contract) midday benchmark price 5296 yuan / kg, compared with the 30th morning benchmark price 5313 yuan / kg, It is reduced by 17 yuan/kg; compared with the benchmark price of 5349 yuan/kg at midday on the 29th, it is reduced by 53 yuan/kg.

On Wednesday, the US ADP employment data, known as the 'small non-agricultural', will be released soon, which deserves close attention.

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