gold futuresIt closed below $2,000 an ounce on Friday (21st), the first time this month, mainly because several Federal Reserve (Fed) officials made hawkish statements, saying that they would raise interest rates at least once more, supporting the dollar and suppressing the dollar. gold price.
- New York for June deliverygold futuresPrices fell $28.60, or 1.4%, to $1,990.50 an ounce, the lowest since March 31 and the first close below $2,000 an ounce so far on the day.
- gold futuresDown 1.3% for the week
More than one Fed official said Thursday that inflation remains well above the 2% target, while Fed Governor Michele Bowman reiterated that much work remains to be done to combat inflation.
“Cleveland Fed President Loretta Mester is the latest official to sound hawkish as she backs another rate hike while closely monitoring the outcome of last month’s banking crisis,” said Rupert Rowling, market analyst at Kinesis Money. Further development.”
Data from S&P Global on Friday showed U.S. business activity picked up in April, with the Composite Purchasing Managers’ Index (PMI) rising to 53.5, an 11-month high.
Bob Haberkorn, senior market strategist at RJO Futures, believes that although the rate hike will weaken thegoldHowever, if the interest rate hike is finally suspended, it will drive the price of gold to an all-time high. In his view, the Fed has now reached a critical point where it cannot continue to raise interest rates without causing huge damage to the economy.
According to the CME Group’s (CME) FedWatch tool, the Fed’s May 2-3 meeting has a more than 80% chance of raising interest rates by another 1 yard (25 basis points).
goldIt does not bear interest itself, so in an environment of rising interest rates, holdinggoldThe opportunity cost will increase, to the detriment of prices.
Tim Waterer, chief market strategist at KCM Trade, said confidence in the dollar is swinging back and forth, becominggoldThe key to holding $2,000, reflectinggoldAnd the inverse movement between expectations for U.S. interest rates.
“If it’s clear that the Fed will raise rates one more time in May and then stay flat for a while … goldwill be the main beneficiaries. However, it should be noted that there is a gap between the Fed’s interest rate guidance and the market’s interpretation of the 2023 interest rate curve. This is where it gets interesting: who will throw in the towel first, the market or the Fed? “
andgold、silverdifferent,platinumandgoldIt is up at least 7% this week. TD Securities commodity strategist Daniel Ghali said,platinumSouth Africa, the main producer, is suffering severe power outages, adding to supply concerns, whilegoldThere is also an additional short-covering buying boost.
Comex Metals Commodity Trading
- delivered in MaySilver futuresThey were down 32 cents, or 1.2%, at $25.06 an ounce, for a weekly loss of 1.6%.
- delivered in Maycopper futuresThey were down 5 cents, or 1.1%, at $3.98 a pound, for a weekly loss of 3.1%.
- delivered in julyPlatinum FuturesIt rose $31.10, or 2.8%, to $1,138.70 an ounce, for an 8% gain this week.
- delivered in JunePalladium FuturesIt rose $18.70, or 1.2%, to close at $1,607.40 an ounce, up 7.4% for the week.
