Precious metal abandoned! Gold fell nearly $100 a day and silver fell 15percent

 Precious metal abandoned! Gold fell nearly $100 a day and silver fell 15percent

According to Russian satellite news agency, Russian President Vladimir Putin revealed on the 11th that Russias first new crown vaccine had been approved and registered by the Ministry of health that morning. Russias health minister said that two vaccinations of the new coronavirus vaccine program can develop long-term immunity, experiments show that immunity can last up to two years. Novel coronavirus pneumonia vaccine will be labeled SPUTNIKV in the foreign market, Dmitriev, director of RDIF, said. KirillDmitriev, Russia has received an international request to produce one billion doses of the vaccine, which will start its third phase trial on Wednesday.

The international gold price just reached a record high last Friday, approaching the 2100 US dollar / ounce mark. With the U.S. economy in recession, worries about the uncertain economic outlook have become the main reason for investors to buy gold, while vaccines have been seen as the hope of economic restart. Novel coronavirus pneumonia is partly due to Russias approval of the Covid-19 new crown pneumonia vaccine, Vikov, senior analyst at Kitco, said in a report released on Tuesday. JimWyckoff Despite skepticism, the market has so far considered the news to be a very important signal for the future economy.

While gold prices fell, US bond yields stabilized and rebounded. The yield of 10-year US Treasury bonds rose about 5 basis points to 0.62%, a five week high, reflecting the weakening of investors interest in safe haven assets such as bonds and precious metals.

Inflation expectations have also become a potential negative factor. According to the latest data released, the US producer price index PPI rose by 0.6% in July, far higher than the 0.3% expected by the market, which is the largest monthly increase since October 2018. PPI is usually in the same trend as inflation indicators. CPI in the United States increased by 0.6% in June, the largest increase since August 2012. The latest data further eased concerns about deflation.

Since the beginning of this year, the gold price has risen by nearly 30%. Many analysts still expect the gold price trend to be better, because of the unprecedented liquidity support and low interest rates of global central banks, investors are encouraged to buy gold to hedge against possible currency devaluation risks. Shawn Snyder, head of investment strategy at Citigroups private wealth management, said investors could be confident that monetary stimulus would remain loose for the foreseeable future, as the Fed confirmed that the economy was on a highly uncertain path.