International Gold Prices Continue To Rush 9 Days

2011/8/10 13:19:00 48

International Gold Prices Continue To Rush

Supported by the US low interest rate policy, the international gold price continued to expand on the 9 th.

The most active December contract on the New York Mercantile Exchange gold futures market closed at $1743 an ounce, up 29.8 from the previous trading day, or 1.7%.

U.S.A

The Federal Reserve announced on the 9 day that it will maintain a low interest rate and will remain at least until the middle of 2013, but has not hinted that it will launch a new round of quantitative easing policy.

At the same time, the Fed said that the growth rate of the US economy was obviously lower than expected, and that the economic recovery in the future would be slower and employment growth would be rather weak.

Analysts said that the decision of the US Federal Reserve to keep interest rates unchanged was in line with market expectations. However, its remarks on low interest rate policy extended to the middle of 2013 at least, which greatly boosted the risk aversion of the market, thus supporting the gold market.

Stimulated by standard and poor's downgrading of US sovereign credit rating, New York's gold price rose sharply on the 8 day, closing above $1700 an ounce.

So far, gold prices have risen 23% this year.

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Before the crisis subsided, the momentum of gold will not change.

According to the latest prediction by JP Morgan, the price of gold will reach US $2500 per ounce at the end of this year.

The silver futures price for September delivery fell $1.497, or 3.8%, at $37.883 an ounce.

Platinum futures in October closed at $1756.4 an ounce, up 32.8 from the previous trading day, or 1.9%.