Precious metal prices continued to move down this week
| Gamma Polyglutamic Acid |
According to the data of business agency, on March 31, the average early price of silver market was 5001.67 yuan / kg, down 0.69%, down 4.08% from the average early price of 5214.67 yuan / kg in the spot market last Friday; Compared with the spot market price at the beginning of the month (March 1), the early average price was 4928.33 yuan / kg, up 1.49%; Compared with the spot market price at the beginning of the year (January 1), the early average price was 4770 yuan / kg, an increase of 4.86%.
On March 31, the spot market price of gold was 393.93 yuan / g, down 0.04% on a daily basis, down 1.51% from the early average price of 399.98 yuan / G on Friday (March 1), and up 1.71% from the early average price of 387.29 yuan / G on the spot market at the beginning of the month (March 1); Compared with the spot market price at the beginning of the year (January 1), the early average price was 372.37 yuan / kg, an increase of 5.79%.
Comparison of price trends of precious metal gold and silver in recent 1 year
In the long term, the price trend of precious metals tends to be similar, the long-term trend is basically the same, and the amplitude is slightly different.
Price trend of precious metals and crude oil
Fundamentals list
1. Global official gold reserve data
According to the latest data released by the International Monetary Fund (IMF), as of the end of January 2022, the global official gold reserves totaled 35536.8 tons. Among them, the euro zone (including the European Central Bank) totaled 10772.5 tons, accounting for 52.5% of its total foreign exchange reserves.
Domestically, the latest data released by the State Administration of foreign exchange showed that the gold reserves of the people’s Bank of China remained unchanged at 1948.3 tons at the end of February, the same as that at the end of January 2022.
2. Overseas news
US President Biden proposed an annual budget of US $5.8 trillion for fiscal year 2023; The budget proposal predicts a deficit of $1.15 trillion in fiscal year 2023; The 2023 budget will raise taxes on the super rich and enterprises, and increase defense and police spending; The budget proposal requires people with assets of more than $100 million to pay at least 20% federal income tax. John Yarmuth, chairman of the House Budget Committee, said Congress may have to raise the debt ceiling around January 1, 2023. He said that raising the debt ceiling is a possibility, or use the budget process to pass. Earlier on Monday (March 28), US President Biden proposed a US $5.8 trillion budget, and the proposed tax increase reached a record high.
Future forecast
In the long run, the monetary easing policy is gradually ebbing, and the expectation of raising interest rates is expected to suppress the price of precious metals. In terms of futures, the night trading was favorable due to the conflict negotiation between Russia and Ukraine, and the risk aversion decreased on the news side. In the short term, the upward trend of precious metal prices is weak.
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