China’s gold consumption in the first three quarters fell 9.58% year on year
In the first three quarters of this year, the actual consumption of gold in China was 768.31 tons, down 9.58% compared with the same period in 2018, according to data released by China Gold Association on the 30th. Among them, the consumption of gold jewelry is 523.25 tons, down 2.9% year on year; the consumption of gold bars is 154.95 tons, down 26.51%; the consumption of gold coins is 10.9 tons, down nearly 40% year on year; the demand for industrial and other gold is 79.21 tons, down 3.28%.
Global gold demand rose 3% year on year in the third quarter
Global gold demand grew slightly to 1107.9 tons in the third quarter of 2019 (1079.0 tons in the same period of 2018), up 3% year-on-year, mainly due to strong gold ETF inflows offsetting other weaker gold demand. The latest “gold demand trend report” shows that the total position of global gold ETF in the third quarter rose 258 tons to 2855 tons, the highest single quarter net inflow since the first quarter of 2016. 1079.0 tons in the same period of 2018;
In the third quarter, the total demand for gold consumption was 611.2 tons, 844.4 tons in the same period of 2018; the total demand for gold investment increased by 110% to 408.6 tons, 194.4 tons in the same period of 2018; the total demand for global gold jewellery fell by 16% to 460.9 tons, 546.2 tons in the same period of 2018; the total demand of central banks fell by 38% to 156.2 tons, 253.1 tons in the same period of 2018; the total demand for science and technology gold fell by 4% to 82.2 tons, 85.4 tons in the same period of 2018 Tons; the total supply of gold was 1222.3 tons, up 4% from 1179.7 tons in the same period of 2018; the supply of recovered gold increased by 10% to 353.7 tons, up 320.6 tons in the same period of 2018
China’s gold reserves ended October at 62.64 million ounces
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China’s gold reserves at the end of October were 62.64 million ounces (about 1948.32 tons), compared with 62.64 million ounces (about 1948.32 tons) at the end of September, the State Administration of Foreign Exchange announced Thursday. In dollar terms, China’s gold reserves at the end of October were 94.651 billion US dollars, compared with 93.045 billion US dollars at the end of September.
For the third time in the year! Fed cut interest rate by 25 basis points
On the afternoon of October 30 local time, the Federal Reserve announced to cut interest rates by 25 basis points to 1.50% – 1.75%, the third time in the year since July and September this year. In a statement released at 2 p.m. on Wednesday, the Federal Reserve said: since September this year, the U.S. labor market remains strong and economic activity has been growing at a moderate rate. In recent months, the average new employment is still stable, and the unemployment rate is still very low. But household spending has been growing strongly, and business fixed investment and exports remain weak. At the same time, the average overall inflation rate in the past 12 months and the core inflation rate except for food and energy are all lower than 2%, while the survey shows that the long-term inflation expectations are almost unchanged.
Based on the policy objectives of the Federal Reserve, to ensure maximum full employment and stable inflation rate at 2%, the Federal Reserve decided to cut interest rates by 25 basis points to 1.50% – 1.75%. Federal Reserve Chairman Jerome Powell said: we firmly believe that the rate cut is the right move, and the rate cut was approved by an 8-2 vote.
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Total global gold ETF holdings rose 385 tons (US $18.6 billion, 13.9%)
Total gold ETF positions in the world reached a record high in October, and their total size increased by 13.9% as of November this year. . driven by strong net inflows in the five months before November, the total gold ETF positions in the world rose by 385 tons (US $18.6 billion, 13.9%) by the end of November this year; the total gold ETF positions in North America rose by 206 tons, accounting for 54% of the global net inflows by the end of November in a2019, while those in Europe increased by 171 tons.
Peak value of gold spot rose 26.21% in the year
According to the data of business agency, as of December 20, 2019, the average price of domestic spot gold in East China market rose by 17.70% in the year, and the peak value in the year appeared in early September, up by 26.21% compared with the beginning of the year.
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