freeplaytoearncryptogamesandroid| The price of gold reaches 740 yuan/gram! Gold and silver are going crazy, is there still room for growth?

Recently, the global market ushered inFreeplaytoearncryptogamesandroidThere was a "all-metal frenzy".

Gold and silver soared again on Friday, with silver prices climbing to 11-year highs and gold prices rising to all-time highs in April. After the epic short market of copper in New York, copper prices on the New York and Shanghai exchanges hit new highs one after another.

At the weekend, a number of gold stores quickly raised the retail price of gold. At present, the price of gold jewelry of various brands in China has reached 740 yuan / g, and the prices of many gold stores have set a new record.

Soar

As of Friday's close, COMEX gold was up 1% on the day.Freeplaytoearncryptogamesandroid.44%, at 2419Freeplaytoearncryptogamesandroid.8 US dollars per ounce, London gold is now trading at 2414.500 US dollars per ounce, up 1.61 per cent. COMEX silver rose 6.36% to $31.775 an ounce, while London silver rose 6.60% to $31.490 an ounce, with silver prices at their highest level since 2013.

In the terminal market, the price of gold jewelry has also been adjusted accordingly.

Overnight, the retail price of domestic brand gold jumped as much as 12 yuan per gram, and the listing prices of many gold stores set a new record again. For example, the listing price of Chow Sang Seng has risen to 740 yuan / g, while Chow Tai Fook, Mancalon, Chao Hongji and so on have also set a new high of 739 yuan / g.

Last week's surge in gold and silver was mainly driven by weak US economic data that boosted expectations of interest rate cuts and early interest rate cuts expected by the European Central Bank.

Data released in the United States on Wednesday showed that overall CPI recorded 3.4% in April.FreeplaytoearncryptogamesandroidCore CPI rose 0.3% month-on-month, the first cooling in six months, and the lowest year-on-year increase in three years.

That is a relief for Fed officials seeking to start cutting interest rates this year. As a result, traders have confirmed their bets that the Fed will cut interest rates in September and December. The interest rate futures market sets the price for the Fed to cut interest rates by 52 basis points this year, and the Fed observation tool of the CBI shows that the probability of starting a rate cut in September is about 70%. For the next trend of gold, a number of institutions and analysts said that the gold price still has room to rise in the future, or will sprint 2500 US dollars / ounce.

Analysts believe that inflation concerns catalyzed by future geo-events and expectations of interest rate cuts in the United States may push gold prices higher; in addition, the continued large purchases of gold by central banks in the process of global multipolarization may play a supporting role in gold prices.

Separately, 58 per cent of retail investors expect gold prices to rise next week, according to an online poll by Kitco.

Analysts are more optimistic about White Bank.

So far this year, spot gold and silver prices in London have risen 17.06% and 32.43% respectively.

Although precious metal prices have risen sharply so far this year, industry insiders are still optimistic about their future performance. And, by contrast, analysts are more bullish on the next market for silver.

In this round of precious metals market recovery, as central banks continue to buy, gold prices continue to set an all-time high, the gold-silver ratio continues to open the gap. Despite its good performance, the price of silver has not yet surpassed its all-time high. Recently, the increase of silver is significantly higher than that of gold, and the ratio of gold to silver has begun to shrink.

Some analysts pointed out that silver may be at the forefront of the strongest upward cycle in history, supported by potential factors such as a widening gap between supply and demand.

In addition, Phil Streible, chief market strategist at futures company Blue Line Futures, said the strong rally in copper was spilling over to silver, which is also seen as an industrial commodity and widely used in areas such as solar cells.

From a supply and demand point of view, silver has been in short supply: from 2020 to 2023, silver supply increased by only 0.3%, while demand increased by 5.2%, and cumulative inventory decreased by 540 million ounces in just three years. In 2023, global mineral silver supply fell 6.3 million ounces to 830 million ounces, down 0.7 per cent from a year earlier.

Will copper continue to soar?

In recent months, the long-short showdown in the copper market has focused on supply shortages and expectations of demand growth. This week, there was a sharp shift in market forces, with the New York market taking the lead in shocking the financial community.

Copper prices hit record highs on the New York and Shanghai exchanges this week. Copper prices also rose 2.8 per cent on the London Metal Exchange on Friday, approaching an all-time high in March 2022.

It is worth noting that as of May 17, the spot processing fee index of SMM imported copper concentrate was-1.08 US dollars / ton, and the index has turned negative for two consecutive weeks.

Huatai Securities believes that the fundamentals of supply deceleration and demand improvement in the copper industry in the second quarter may continue, and short-term copper prices may be easy to rise but difficult to fall; in addition, optimistic market sentiment is basically oriented towards good and low inventories, and COMEX copper prices may be forced.

(the original title was "the price of gold reaches 740 yuan / g!" Gold and silver have gone crazy. Is there still room to rise? ")