Precious metal prices rebounded in May

According to business news agency data, on May 28, the average price of silver market in the morning was 5656.33 yuan / kg, up 6.29% from 5321.67 yuan / kg in the spot market at the beginning of the month (May 1); Compared with the spot price of silver at the beginning of the year (01.01), it was 5550 yuan / kg, up 1.92%.

On May 28, the spot price of gold was 385.59 yuan / g, up 5.54% compared with the average price of 369 yuan / g in the early morning of may (5.1); Compared with the spot price of gold at the beginning of the year (01.01), it was 392.70 yuan / g, down 0.83%.

On the 28th, due to the rising yields of US dollar and US Treasury bonds, precious metals were suppressed to a certain extent. The dynamic price of precious metals is weak.

Precious metal prices rebounded in May

In terms of medium and long-term fundamentals, the domestic demand for precious metal gold in April moved down on a month on month basis; The domestic demand for precious metal gold investment moved down on a month on month basis, and the investment heat of precious metal dropped.

According to statistics, the volume of gold out of the Shanghai Gold Exchange in April was 148.4 tons, 19.3 tons less than that in March. In April, the monthly average amount of gold in the past 10 years was about 140 tons.

On the one hand, the profile reflects that the gold middlemen are cautiously optimistic about the sales demand of physical gold in May wedding holidays. On the one hand, it is also based on the fact that the domestic demand for precious metal gold investment moved down in April on a month on month basis, the investment heat of precious metals has cooled down, and the demand for physical hoarding of middlemen is general.

According to the data of Shanghai gold exchange, the trading volume of Au (T + D), the most liquid gold margin trading contract, decreased by 36% compared with March; According to the data of Shanghai Futures Exchange, the trading volume of gold futures on Shanghai Futures Exchange decreased by 23% compared with March. As of April, China’s gold ETF holdings totaled 7.4 tons (about 4 billion US dollars, 25.1 billion yuan), and it is expected that 2 tons (about 81 million US dollars, 268 million yuan) of gold ETF will flow out in April.

The data for May is yet to be released. It is expected that retail gold consumption will improve significantly and investment demand will also show a positive trend. It is expected that the medium and long-term consolidation of precious metal gold will be strong, and the US inflation data will be concerned in the near future.

Silver consumption expected to improve

In terms of physical consumption, the industrial demand for silver and platinum is expected to grow strongly driven by economic recovery, especially driven by the concept of green and renewable energy.