SunSirs: Gold Price Moved up after the Spring Festival
February 04 2020 08:31:27 SunSirs (Linda)
Price trend of spot gold
After the festival, the spot price of precious metals moved up sharply. According to the data of business agency, the spot price of domestic gold on February 3 was 356.84 yuan/g, up 2.51% compared with the price before the festival (January 23) of 348.10 yuan/g.
The demand for precious metals to avoid risks has increased, mainly due to the capital market's concern about the Chinese market:
1. Fall of domestic speculative market
The stock market and futures market with strong speculative property in China are strongly affected by market sentiment, with high risk aversion and strong expectation of precious metal market.
2. Feedback on market convergence at home and abroad during 2020 Spring Festival holiday
According to the feedback of market convergence at home and abroad during the 2020 Spring Festival holiday, the COMEX gold price rose 1.95% in the period up to January 31, and the COMEX silver price rose 1.72% in the period up to January 31. After the festival, the domestic precious metal market has strong demand for supplement.
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