On April 8, COMEX gold closed at 2358.40 US dollars/ounce, an increase of 0.55%, while domestic SHFE Gold closed at 558.44 yuan/gram, an increase of 0.93%.
COMEX gold reached a new high on Monday. Looking at the market, on the one hand, the focus of market transactions may gradually shift from interest rate cuts expectations to emotional factors. The continued upward trend pushes market participants to actively carry out a bullish position and drive the market upward. Short-term benefits may be amplified, and potential disadvantages may even be selectively ignored. For example, when the US New York Federal Reserve's 1-year inflation forecast data came to fruition in March, the inflation forecast fell slightly to 3% from the previous value of 3.04%, and the market's confidence in falling inflation rose slightly, or strengthened the market. On the other hand, as part of the de-dollarization process, central banks have increased their reserves of gold. According to data released by the State Administration of Foreign Exchange, since November 2022, the size of China's gold reserves has been rising for 17 consecutive months. Against the backdrop of the US dollar surplus and heightened geographical turmoil, central banks' increase in gold holdings further verifies the weakening trust of various economies in dollar credit and the increase in demand for diversified allocations, compounded by market sentiment. It is expected that the strong gold price situation will not change in the short term. As the market pays more attention to the gold-silver ratio, it is necessary to pay attention to the disturbances caused by the diversion of capital to silver.
Source: Wind, Jin10 Data, Everbright Futures Research Institute
Writer: Shi Yueming
Professional qualification number: F03097365
Investment Advisory Certificate No.: Z0017563
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