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SunSirs: Chinese Precious Metals Prices Go up

December 05 2019 10:33:50     SunSirs (Linda)

According to the data monitoring of SunSirs, the average spot price of domestic gold on the 4th was 337.68RMB/g, up 1.63% compared with 332.25RMB/g on the 3rd, and up 18.86% compared with 284.10RMB/g at the beginning of the year (January, 1).

The spot price of silver in China on 4th was 4,157.67RMB/kg, up 1.71% compared with 4,087.67RMB/kg on 3rd, and up 14.93% compared with 3,617.67RMB/kg at the beginning of the year (January, 1).

Main influencing factors

1. On December 2, local time, after the closing of the US stock market, the office of the US trade representative issued a statement that it plans to impose a maximum 100% tariff on French imports worth $2.4 billion, aiming to force France to reach a new agreement on the imposition of a digital service tax, so as to avoid the disadvantage of US companies. The threat also said that in the future, the United States may impose such import tariffs on Austria, Italy and Turkey, because all three countries also adopt digital service taxes.

2. President trump of the United States wrote on social media on December 2: ‘Brazil and Argentina have been leading the devaluation of their currencies. This is not good for our farmers. As a result, I will restore tariffs on all steel and aluminum products imported into the United States from these countries, with immediate effect.’ The U.S. government used a national security law called ‘Article 232’ to impose tariffs.

3. On December 3, the intelligence committee of the US House of Representatives voted to pass the investigation report on impeachment of US President trump.

4. On December 3, the U.S. House of Representatives passed the ‘Uyghur human rights policy bill 2019’, which maliciously attacked the human rights situation in Xinjiang, China, distorted and blacked China's efforts to go to extremes and fight terrorism, unjustifiably accused the Chinese government of its territorial policy and roughly interfered in China's internal affairs.

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