US inflation has eased in recent months, but gold bulls remain strong
Thursday, October 12th: The opening price of the US gold futures contract was $1888.1000 per ounce, and the closing price was $1887.9000 per ounce. The intraday opening price of spot gold was $1873.60 per ounce, and the closing price was $1874.03 per ounce. As of 9:50 Beijing time, the US gold futures contract was priced at $1891.2000 per ounce, up 0.17%; spot gold was priced at $1878.05 per ounce, up 0.21%. The opening price of the Shanghai gold futures contract on Thursday, October 12th, was 451.92 yuan/gram, and the closing price was 450.40 yuan/gram; the intraday opening price of gold TD was 452.34 yuan/gram, and the closing price was 449.85 yuan/gram. US inflation has fallen in recent months and maintains a downward trend, but whether this trend will continue remains to be seen. According to the latest survey by the Federal Reserve Bank of New York, US consumers expect inflation to rise slightly in the next few years, and their views on current and future credit conditions worsened in September. Survey data shows that the median inflation expectation for the next three years in the US rose from 2.8% in August to 3%, reaching its highest level in nearly a year. The expected price growth for the next year also rose to 3.7%, the highest level in three months. Although the five-year price expectation fell from 3% to 2.84%, the lowest level since May 2023, uncertainty about future inflation increased slightly across all time horizons. Since March last year, Federal Reserve officials have been actively raising interest rates to control rampant inflation, raising rates 11 times, bringing interest rates to their highest level in 22 years. While it remains unclear whether they will further tighten policy at their October 31-November 1 meeting, policymakers have repeatedly said they may keep borrowing costs high until next year. The International Monetary Fund raised its global inflation forecast earlier on Tuesday and called on central banks to maintain tight monetary policy. IMF Managing Director Kristalina Georgieva urged central banks to "keep interest rates higher for longer," saying that "fighting inflation is the top priority."
Time:
2023-10-12 13:23
Thursday, October 12th: The opening price of the US gold futures contract was $1888.1000 per ounce, while the previous closing price was $1887.9000 per ounce. The intraday opening price of spot gold was $1873.60 per ounce, and the previous closing price was $1874.03 per ounce. As of 9:50 Beijing time, the US gold futures contract is priced at $1891.2000 per ounce, up 0.17%; spot gold is priced at $1878.05 per ounce, up 0.21%.
Thursday, October 12th: The opening price of the Shanghai gold futures contract was 451.92 yuan/gram, and the previous closing price was 450.40 yuan/gram; the intraday opening price of gold TD was 452.34 yuan/gram, and the previous closing price was 449.85 yuan/gram.
US inflation has fallen in recent months and maintains a downward trend; however, the sustainability of this trend remains to be seen. According to the latest survey by the Federal Reserve Bank of New York, US consumers expect inflation to rise slightly in the coming years, and their views on current and future credit conditions worsened in September.
Survey data shows that the median inflation expectation for the next three years in the US rose from 2.8% in August to 3%, reaching its highest level in nearly a year. The expected price growth for the next year also rose to 3.7%, the highest point in three months. Although the five-year price expectation fell from 3% to 2.84%, the lowest level since May 2023, uncertainty about future inflation increased slightly across all time horizons.
Starting in March last year, Federal Reserve officials have been aggressively raising interest rates to control rampant inflation, raising rates 11 times and bringing the interest rate to its highest level in 22 years. While it remains unclear whether they will further tighten policy at their October 31-November 1 meeting, policymakers have repeatedly stated that they may keep borrowing costs high until next year.
The International Monetary Fund raised its global inflation forecast earlier on Tuesday and called on central banks to maintain tight monetary policies. IMF Managing Director Kristalina Georgieva urged central banks to "keep interest rates higher for longer," stating that "fighting inflation is the top priority".
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