According to the data of business agency, the average early trading price of silver market on August 31 was 5097.67 yuan / kg, a decrease of 4.35% compared with the average early trading price of spot market in early August (August 1); Compared with the beginning of the year (01.01), the spot price of silver was 5550 yuan / kg, a decrease of 8.15%.
On August 31, the spot market price of gold was 377.71 yuan / g, a decrease of 0.65% compared with the early average price of 380.20 yuan / g in the spot market price in early August (8.1); Compared with the spot price of gold at the beginning of the year (01.01), 392.70 yuan / g, down 3.82%.
In August, the overall price of precious metals decreased first and then increased. After the overall tone of Jackson Hole meeting on Friday was biased, the price of precious metals improved.
Message side factor
American policy
On the 27th, US Federal Reserve Chairman Powell said that QE will be reduced during the year, but stressed that it is still far from raising interest rates. The market interpreted it as doves, and the US bond yield fell, supporting the price of precious metals.
Future forecast
In the short term, precious metals have rebounded from the bottom recently, and the recent favorable factors have increased. The market’s expectation of precious metal prices has improved slightly, and the shock is expected to be strong. Recently, we will focus on the August non-agricultural data released on Friday, which may affect the contents of FOMC meeting in September.
In the medium term, the upward space of precious metal prices narrowed, mainly due to the current high inflation pressure in the United States, the core PCE remained at a high level of 3.6% year-on-year in July, and the employment data showed a steady recovery of the employment market. If non farm performance is strong in August and September, it is expected that precious metal prices will always be suppressed before the announcement of the Federal Reserve’s QE reduction plan within the year.
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