Price trend of spot precious metals
In October, the precious metal price fluctuated at a high level and maintained stable operation. Based on the beginning of the month, the price amplitude of precious metal gold in the month was 2.52%, and that of silver in the month was 3.17%.
According to the data monitoring of business agency, on October 31, the average spot price of domestic gold was 340.40 yuan / g, and at the beginning of the month, the spot price of gold was 343.04 yuan / g, a decrease of 0.77%; compared with the monthly peak (October 9), the spot price of gold was 347.60 yuan / g, a decrease of 2.07%; compared with the monthly trough (October 13), the spot price of gold was 338.97 yuan / g, an increase of 0.42%; compared with the beginning of the year (01.01), the spot price of gold was 284.10 yuan/ Gram, up 19.82%.
On October 31, the spot price of domestic silver was 4341 yuan / kg, an increase of 1.92% compared with the spot price of silver at the beginning of the month (4259.33 yuan / kg); on October 28, it was 4376 yuan / kg, a decrease of 0.80%, and on October 17, it was 4241 yuan / kg, an increase of 2.36%; on October 1, it was 3617.67 yuan / kg, an increase of 19.99%.
Uncertainty abates risk aversion eases
1. The trade relationship between China and the United States slows down
The Sino US economic and trade team has maintained close communication, and the consultations are progressing smoothly. In the 13th round of high-level consultations concluded not long ago, the two sides made substantial progress in some agreement consultations. On October 25, the leaders of the two sides made a call, agreed to pro
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2. Monetary policy easing expected to be realized in advance
From August to September, the market had a strong expectation of monetary policy easing and high risk aversion, which was transmitted to precious metal prices in advance. At present, the expectation is gradually fulfilled, and the market reaction is dull.
News of interest rate cut within the month:
The U.S. Federal Reserve announced its third annual rate cut Wednesday, cutting the federal funds rate by 25 basis points, the target range of the federal funds rate to 1.50% – 1.75%, the excess reserve rate (Ioer) to 1.55% (previously 1.80%), and the discount rate by 25 basis points to 2.25%.
After the Federal Reserve announced the interest rate cut, there are currently five central banks to cut interest rates, they are:
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Brazil’s central bank cut interest rates by 50 basis points to 5%, the third rate cut in the year.
The Saudi central bank cut the repo rate from 250bps to 225bps and the reverse repo rate from 200bps to 175bps.
The Bank of Bahrain cut the overnight deposit rate from 2.25% to 2%, and the Bank of Bahrain cut the one month deposit rate from 2.85% to 2.6%.
In addition, the central banks of Kuwait and the United Arab Emirates have also cut interest rates.
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