Gold hit the largest one-day decline in the past two years, and the domestic gold price fell by 14 yuan/gram overnight
Chao News client reporter Wu Enhui
Gold, which had been running wildly, suddenly ushered in a sharp fall.
On April 22, spot gold in London fell 2.72% to $2326.810 per ounce, the largest single-day decline in the past two years.
COMEX gold futures were also sharply traded, closing down 3% at $2,341.1 an ounce, while COMEX silver futures were down 5.58% at $27.235 an ounce.
Domestic gold prices also ushered in a pullback, today, a number of jewelry brand retail gold prices have been lowered by about 14 yuan, such as Chow Tai Fook, Mancaron and other brands, yesterday listed at 733 yuan / gram, today has been adjusted to 719 yuan / gram.
Affected by the sharp drop in international gold prices, in early trading today, the A-share gold sector fell first, many stocks fell sharply, and Laishen Tongling fell to the limit.
This is a logical adjustment
"The market believes that gold has risen sharply and sharply recently, and there will always be a wave of adjustment, which has not come for a long time, and now it is finally here. A senior manager of the international department of a state-owned bank in Zhejiang told reporters that gold cannot only rise and fall, and a pullback is also doomed.
He pointed out that the easing of the situation in the Middle East, the cooling of gold's safe-haven attraction, the Fed's expectation of interest rate cuts within the year continued to cool, and the unfavorable trend of precious metals under the strong dollar pattern are the reasons for the decline in gold prices. At the same time, from a technical point of view, the gold technical pattern has come out of a head pattern, so gold may usher in a period of correction.
What will happen to the price of gold next
After Monday's correction, the international gold price is still up more than 12% year-to-date.
Many investors are concerned about whether gold is over, or will it make a comeback?
A precious metals researcher at a futures company in Zhejiang told reporters that the recent rise in gold and silver has been steep and a bit deviating from the fundamentals.
In the short term, investors' fears of conflict in the Middle East have eased, prompting them to scale back their safe-haven trades, while market bets on Fed rate cuts have decreased, and the US dollar and US Treasury yields have risen, putting pressure on gold prices. In general, the current precious metal price deviation is obvious, to wait for it to revert to the mean, and wait for some irrational investment to clear out of this market, or wait until everyone's mood is stable, gold will gradually stabilize, and then resume its basic value trend.
The senior manager of the state-owned bank said: "In the long run, I continue to be optimistic about the trend of gold, but in the short term, do not easily judge how deep its pullback is, we can only follow the results of the game reflected in the market, so it is recommended that investors invest rationally, the trend is not good, it is necessary to reduce positions appropriately, rather than reverse operation." ”
"Please indicate the source for reprinting"