At the same time, the global gold ETF buy buy buy momentum remains. According to the data released by the world gold association, as of the end of June, the global gold ETF has had a record 7 consecutive months of net inflow. Among them, the total amount of global gold ETF increased by 104 tons in June, making its total position reach a record high of 3621 tons. In the first half of this year, the total inflow of gold ETF reached 734 tons, far exceeding the previous annual inflow record in terms of tonnage (exceeding the total growth record of 646 tons set in 2009) and the net inflow value (exceeding the annual net inflow record of $23 billion set in 2016).
Talking about the reasons for the rapid rise in spot gold prices in July? Xu Yang, chairman of Shanghai maikelong Information Consulting Co., Ltd., said in an interview with Securities Daily that since the US dollar is the global precious metal pricing currency, as the US dollar index declines, the price of precious metals rises. At the same time, there are obvious signs of economic recovery in other parts of the world, especially with the agreement on the EUs 750 billion euro rescue plan, which further guides the markets safe haven funds to reduce the allocation of US dollar assets, and the US dollar index continues to decline. The weakening of the US dollar index further boosted the price of precious metals.
Talking about the reasons why the spot gold price has continued to rise this year? Xu Yang said that sufficient liquidity is also the key factor leading to the strong rise of stock market, gold and silver.
In response to the rise in spot gold prices, the prices of gold ornaments, gold bars, gold coins and other physical gold brands also rose simultaneously.
On July 26, a reporter from securities daily visited several gold shops in Beijing, such as Zhou Dafu, Lao Fengxiang, Zhou Dasheng, Zhou Shengsheng, Caibai, etc., and learned that the prices of gold ornaments from many merchants have exceeded 550 yuan / g.
In terms of investment in gold bars, the most expensive one is 519 yuan / g (calculated according to the activity price, excluding the service charge, the same below), and the lowest price is 420 yuan / g.
Talking about the future trend of gold price? Xu Yang said, still bullish on gold. The three main factors influencing the long-term trend of gold price are the US dollar, oil and the global economic situation. Against the backdrop of weakening dollar, global monetary easing, uncertainty in the epidemic situation and lingering risk aversion, it is only a matter of time before the gold price is expected to exceed $2000 / oz.