Precious metal spot price trends

On November 29, the silver market average price in early trading was 4,812 yuan/kg, compared with the previous working day (November 26) average early trading price of 4,840.33 yuan/kg, a decrease of 0.59%; compared with the beginning of the year (01.01) silver spot price was 5550 Yuan/kg, a decrease of 13.30%.

The spot market price of gold on November 29 was 370.19 yuan/g, down 0.02% from the previous business day (11.23) spot market price of 370.27 yuan/g, and compared with the early November (11.1) spot market price at the early trading average price of 369.60 yuan/g. The increase was 0.16%; compared with the beginning of the year (01.01), the spot price of gold was 392.70 yuan/g, down 5.73%.

Comparison of precious metal gold and silver price trends in the past year

The precious metals gold and silver have relatively good convergence, and the price of silver has a larger amplitude and the direction is basically the same. Recently, the price of silver has fallen sharply at the end of September, and the price of precious metals has risen and fallen at the same rate. After the return of the National Day, the price of silver has bottomed out and the price of silver has fluctuated greatly. Judging from the year-on-year fluctuations, the current ups and downs of precious metals are converging.

Precious metals and crude oil price trends

The U.S. strategic reserve dumping has led to the release of crude oil reserves from many countries to the market, affecting the supply of crude oil in the market, and stabilizing the rise in crude oil prices to a certain extent.

Info 

The minutes of the November FOMC meeting announced by the Federal Reserve, the expectation of "early interest rate hikes" and the accelerated reduction of debt purchase expectations rose, and precious metal prices were suppressed to a certain extent last week. On Friday, South Africa’s new crown virus variant news surface, superimposed on the news surface of crude oil reserve dumping triggered a downward shift in risky assets, boosting the hedging demand for precious metals.

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