This morning, the gold plate opened rapidly higher, Huayu mining, Shengda resources, Yuguang Gold lead limit, Chifeng gold rose more than 9%.
CITIC futures believes that precious metals soared sharply last week, the European Union launched a recovery fund, and funds poured into precious metals. At the same time, the market is full of expectations for the US fiscal stimulus plan. In addition, the uncertainty of the US election, the extremely loose policies of the Federal Reserve and other major economies central banks, as well as the expectation of a slow economic recovery under the influence of the epidemic situation, have pushed up gold prices.
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.