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Crazy buying! India's gold import volume exceeded 10 billion US dollars last month, reaching an all-time high.
① More and more signs show that after India lowered the import tariffs on gold this summer, the demand for gold jewelry and gold bars among Indian consumers has surged, which has increasingly become a key driving force behind the record high global gold prices... ② Data released by the Indian government this week shows that the value of gold imports in India in August reached $10.06 billion, reaching a historic high.
The Fed cut interest rates by 50 basis points, and the short-term volatility of US stocks, US bonds, and gold surged, while the dollar fell, with a reversal in trend after the huge shock.
The Federal Reserve significantly cut interest rates by 50 basis points, causing short-term fluctuations in US stocks, US bonds, and gold, and a decline in the US dollar. Afterward, there was a major shake-up in various asset classes. Powell stated that no one should consider Wednesday's 50 basis point rate cut as a new trend, and the major asset trends clearly reversed. As a result, US stocks fell across the board, gold retreated significantly from its daily high, and the decline in the US dollar narrowed.
Comex Gold Hits Record High Following Fed Rate-Cut Decision
With the high price of gold, are stores unable to sell despite offering discounts and promotions? The demand for gold consumption during the Mid-Autumn Festival mainly focuses on essential needs. | Industry Trends
During the Mid-Autumn Festival holiday, the spot price of London gold approached $2,600 per ounce, setting a new record high. The domestic gold trinket prices are also high, with many potential buyers taking a wait-and-see approach. The main consumer group consists of customers with immediate needs such as newlyweds. Analysts believe that under the high gold price, the "National Day" gold retail market may still face pressure.
What are the risks to the market if interest rates are cut by 50 basis points?
Goldman Sachs pointed out that the current market pricing is aggressive, with the risk of expectations falling short, which may have a negative impact on market sentiment and asset prices. The pace of future interest rate cuts may also be slower than market expectations. The market will focus on the released "dot plot" for more specific guidance from the Federal Reserve on future interest rate cuts and scope.
Gold ETFs Poised For Liftoff: Can The Fed's Rate Cut Propel Prices To New Heights?