The People's Bank of China has suspended gold purchases for two consecutive months, and the spot gold price still reached a high of $2390 per ounce. With the failure of the "barometer", how will the gold price go?

On July 7th, the updated official reserve assets by the State Administration of Foreign Exchange showed that China's official gold reserves in June 2024 remained unchanged at 72.8 million ounces, indicating that the People's Bank of China had paused gold purchases for two consecutive months. Overall, there has not been a significant decline in the investment force in the gold market recently. There are two main risks for gold: one is the Federal Reserve policy risk and the other is the failure of central bank gold purchases to meet expectations.

cls.cnJul 8 12:39

Express News | China Securities Co., Ltd.: The expected number of interest rate cuts in the United States within the year has been revised to 2 times, which is conducive to pushing up the prices of metals.

BreakingsJul 8 07:38

Huaxi Securities: Gold is currently in a long upward cycle and if the price falls in the future, it is expected to drive central banks around the world to purchase gold again.

According to a strategy research report from Huaxi Securities, in the long term, gold is in a large upward cycle. Firstly, in recent years, the scale of US debt has been expanding at an accelerated pace, and the pressure of interest payment continues to rise. After the conflict between Russia and Ukraine, the United States imposed financial sanctions on Russia, which has impacted the credibility of the US dollar. Due to concerns about the risk of US dollar credit and US dollar assets, central banks worldwide continue to increase their gold reserves.

Zhitong FinanceJul 7 18:33

The central bank continues to suspend shareholding of gold!

On July 7th, the official reserve assets updated by the State Administration of Foreign Exchange showed that in June 2024, China's official gold reserve was 72.8 million ounces, unchanged from the previous month, and has suspended the shareholding of gold reserves for two consecutive months.

券商中國Jul 7 15:42

Weekly Outlook: Powell is about to brave Capitol Hill! Will gold hit new highs and be unstoppable?

Powell is expected to "release doves" this week! Will CPI data bring good news to the market? Gold is expected to hit a new historical high again, and the US dollar may face a major risk...

Golden10 DataJul 6 19:11

Weekly Review: European stock market fluctuated during the 'Election Week', while Wall Street ignored the election and hit record highs. Cryptos plummeted, but gold benefited greatly.

In a week of sustained market volatility globally, Wall Street has ignored the uncertainty brought by political elections and has been the sole performer in the stock market, continuously setting historical new highs. Economic data, instead of meeting expectations, has strengthened investors' optimistic expectations for a rate cut by the Federal Reserve, which has fueled the rise of the stock market.

FX168Jul 6 13:33