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Is this round of gold bull market not over yet? ING Netherlands: will continue until the end of 2024.
①ING analysts pointed out that due to continued global geopolitical concerns as well as macroeconomic influences, gold prices are expected to rise further; ②Some analysts believe that the prospect of rate cuts by the Federal Reserve has boosted gold prices, and the record-breaking upward trend of gold prices is expected to continue until the end of 2024; ③In addition, the demand for central banks to buy gold is expected to increase, which will keep gold in a positive position.
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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.
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.
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.