Precious metals market

Precious metals market

The bank's physical gold includes investment gold bars of various specifications, the dragon year zodiac series gold, foreign exchange bond miniature gold bars, and the Xinhai Revolution theme gold bars. A person from the Ministry of Finance of the Bank of China Provincial Branch said that some of these physical gold are suitable for investment, and some are suitable for coPrecious metals marketllection and gifting. For citizens who purchase physical gold, there is always a suitable product. At Minsheng Bank, it also launched Chinese zodiac gold, gold ingots and some exquisite investment gold. CFP Allie of the retail marketing department of the bank’s Wuhan branch stated that although these physical golds have a certain degree of craftsmanship, they are still investment golds and are much cheaper than many crafted golds. Each gram is only added to the price quoted by the Gold Exchange on the day. Receive 10 yuan.

Yesterday, the Indian government once again raised the gold import tariff, the tax rate was raised from 8% in mid-June to 10%, this is the fourth time since 2013 and the seventh time since 2012. The cumulative tariff on imported gold has increased by more than five times. Prior to February 2012, the tariff on gold imports was less than 2%. The silver tariff rate was also adjusted from 6% to 10% during the same period.

First, the commodity attribute of gold has greatly weakened. In the demand for gold, industrial demand only accounts for 10%, while gold jewellery demand and investment demand account for 90%. This shows that the impact of industrial demand for gold on the price of gold has been greatly weakened, and its commodity attributes have declined sharply. At the same time, the proportion of investment demand in total demand has grown rapidly in the past 10 years, from 9.5% in 2001 to 34.5%. The value storage function has been enhanced, and the currency attribute has gradually strengthened.

However, when major gold reserve countries such as Europe and the United States stand still, emerging market countries are actively investing in increasing their gold holdings. According to the latest data from the World Gold Council, the net purchase of gold by governments this year is about 203.5 tons, almost three times the 76 tons last year. Among them, the Bank of Korea purchased 25 tons of gold in the past two months, and the central banks of Mexico and Thailand also purchased 99.2 tons and 9.3 tons of gold reserves respectively.

The recent performance of international gold prices has been lacklustre, and the August New York gold contract oscillated between 1515 and 1554 US dollars. The recent changes in institutional operating styles and the diversion of funds have led to the inaction of gold prices, but the golden light is hard to retreat. Investors can wait for the buying opportunities after the return of funds.

On that day, the price of silver futures for March delivery rose 13.6 cents to close at $30.082 per ounce, an increase of 0.45%. The Precious metals marketprice of platinum futures for April delivery fell 2.2 US dollars to close at 1556.3 US dollars per ounce, a decrease of 0.14%.

However, on the other hand, data released by the German Statistics Office on Friday showed that Germany’s fourth quarter GDP growth rate was unexpectedly higher than expected, suggesting signs of accelerated improvement in the economic recovery of the euro zone leaders. According to the data, the initial GDP of Germany's fourth quarter adjusted quarterly rate increased by 0.7%, expected to increase by 0.3%, and the previous value by 0.1%.

In April 2003, the listing of gold ETFs brought a substantial increase in gold investment demand. Grubb said that, especially in the past two years, gold ETF investment has risen sharply. At present, the gold holdings of all gold ETFs in the world have reached more than 1,700 tons, worth about 65 billion US dollars. Gold ETF demand accounts for 9% of global gold demand.

In terms of gold futures, we will further attract institutional investors. On the basis of the current seven Chinese banks as members, we will study domestic commercial banks with foreign investment backgrounds to become members; at the same time, according to the needs of market investors, market positioning and long-term development needs , Explore and study gold night trading business. Wang Lihua said in his keynote speech.

International gold prices have been in a state of shocks and corrections after going out of the big price increase in June. However, due to optimistic prediction of the future market, many gold-linked products have appeared again in the wealth management product market recently. Bank of Communications Ward's wealth management manager Chen Ci told reporters that investors need to pay attention to many factors when choosing structured wealth management products, including the linking target, the income design method and other related conditions. International gold prices have been in a state of shocks and corrections after going out of the big price increase in June. However, due to optimistic prediction of the future market, many gold-linked products have appeared again in the wealth management product market recently. After the release of the macro data in July the day before yesterday, financial experts even suggested that citizens can prepare for the necessary gold investment in addition to the stock market and the property market to prevent deflation and inflation.