According to the data of business news agency, the average price of silver market in the morning on April 29 was 5442.67 yuan / kg, up 1.59% in the day, up 7.54% from 5061 yuan / kg in the spot market at the beginning of the month (April 1); Compared with the beginning of the year (01.01), the spot price of silver was 5550 yuan / kg, a decrease of 1.93%.
On April 29, the spot price of gold was 373.47 yuan / g, an intraday increase of 0.57%, 2.79% higher than the average price of 363.35 yuan / g in the early morning of the month (4.1); Compared with the spot price of gold at the beginning of the year (01.01), it was 392.70 yuan / g, down 4.90%.
Strong consumer demand for gold and shrinking investment demand in the first quarter
According to the report released by the world gold association, the global gold demand (excluding OTC trading) in the first quarter was 815.7 tons, which was basically the same as that in the fourth quarter of 2020, but decreased by 23% compared with the first quarter of 2020. Although the average gold price in the first quarter rose 13% year-on-year, it fell 4% quarter on quarter. The relatively low price of gold compared with last year has stimulated the consumer demand for gold. In particular, the gradual lifting of epidemic blockade in many markets and the beginning of economic recovery provide further support for the growth of demand. The significant outflow of gold ETF offset the strong growth of consumer demand. The rising interest rate and the falling trend of gold price restrained some investors’ interest in gold, and the global gold ETF net outflow was 177.9 tons in the first quarter.
Gold price stops falling in April
The sharp fall of gold in the early stage is mainly due to the high yield of us long-term treasury bonds, the continuous rise of US stock market, the positive trend of international commodities, and the weakening of speculative enthusiasm of precious metal market. Recently, the price of precious metal gold began to stop falling, stabilize and recover slightly. On the one hand, due to the booming domestic precious metal consumer market, the price of gold doubled, and the demand for physical consumption soared. On the other hand, in the long run, the real interest rate will remain low, the central banks of developed economies will continue to buy government debt, the industrial demand will increase, and the consumer demand for jewelry and gold and silver ware will also increase.
Future forecast
The overseas epidemic situation, especially in India, has attracted much attention recently; As one of the main gold consumers, India may be affected to some extent. However, due to the fact that the price of precious metals is greatly affected by the investment demand, it is expected that the price of precious metals will still recover in the near future.
| Thiourea |