SunSirs--China Commodity Data Group

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SunSirs: Chinese Precious Metal Prices rose on December 31

January 02 2020 08:57:32     SunSirs (Linda)

According to the data monitoring of SunSirs, the average spot price of domestic gold on the 31st was 342.54RMB/g, up 3.58% compared with 330.70RMB/g on the December 1, and up 20.57% compared with 284.10RMB/g at the beginning of the year (January 1, 2019).

On the 31st, the spot price of domestic silver was 4,376.33RMB/kg, up 7.07% compared with 4,087.33RMB/kg on the December 1, and up 20.97% compared with 3,617.67RMB/kg at the beginning of the year (January 1, 2019).

Main factors influencing the rise of precious metals on 31st

1. Geopolitical factors: on the night of December 29 local time, the U.S. military launched air strikes against a militia organization, people's mobilization organization, active in Iraq and Syria. Rising tensions in the Middle East have triggered market risk aversion.

2. In an environment where more than 70% of national sovereign bonds trade at negative real interest rates, the opportunity cost of holding gold has decreased significantly.

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