International gold prices held steady on Tuesday (November 2) as market participants awaited the outcome of the Fed's policy meeting this week amid mounting inflationary pressures and concerns about slowing economic growth. U.S. price and wage increases are at decades highs and could be challenging for Fed officials this week.
At 15:45 Beijing time, spot gold rose 0.11% to $1795.30/oz; the comeX gold main contract rose 0.04% to $1796.6/oz; and the dollar index fell 0.04% to 93.837.
In terms of the gold price of physical gold, the gold of the mainstream gold stores in China has also performed steadily with the consolidation of the international gold price. On November 2, 2021 (today), the latest price quotations of gold stores of many domestic brands, including Chow Tai Fook, Chow Sang Sang, Luk Fook, Golden Supreme and many other domestic brands, are as follows:
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Gold Prices by Gold Store today (November 2, 2021)
Old Temple Gold Price
478
Yuan/g
Leofoo Gold Price
479
Chow Tai Fook Gold Price
Saturday Foo Gold Price
480
Gold Supreme Gold Price
Old FengXiang gold price
482
Chao Hongji gold price
Zhou Shengsheng gold price
Stephen Innes, managing partner of SPI Asset Management, expects gold to remain under pressure in an environment of central bank tightening, with the Fed most likely announcing at the end of the two-day meeting that it will begin to scale back the stimulus package, "however, if the US 10-year Treasury yield continues to be near current levels, indicating that bondholders believe the growth outlook is weak, gold is likely to continue to be supported." ”
The 10-year Treasury yield held above 1.5 percent, but was lower than the multi-month high of around 1.7 percent touched last month. A survey released Monday by the Institute for Supply Management showed U.S. manufacturing activity slowed last month, and given weak economic data, the central bank is unlikely to start aggressive. Hike action.
U.S. price and wage increases are at decades highs and could be challenging for Fed officials this week. Fed officials are trying to strike a balance, ensuring inflation is contained while giving the economy as much time as possible to restore jobs lost by the pandemic.
Hareesh V, head of commodities research at Geojit Financial Services, said the expected growth in physical demand in India and China this quarter could provide some support for gold prices, "Gold should find some support at $1760, but it is unlikely to fall sharply and fall below the main support of $1665." Hareesh added that gold's performance ultimately depends on the performance of the dollar, central bank policies and risk assets.
U.S. Treasury Secretary Janet Yellen said Monday that if Republicans refuse to act in a bipartisan manner to avoid a default on national debt as early as next month, then congressional Democrats must be prepared to single-handedly address the U.S. debt ceiling.
U.S. lawmakers temporarily raised the federal government's debt ceiling to $28.9 trillion in a bill signed by President Biden in October, allowing the U.S. Treasury Department to continue paying its debt until early December. Raising the debt ceiling allows the Treasury Department to raise money for previously incurred spending, including a series of measures passed during the administration of former Republican President Donald Trump.
But Trump's Fellow Republicans in Congress say biden's planned infrastructure and domestic spending bills are the reason they won't vote for raising the U.S. debt ceiling. Neither bill has yet to be passed. Biden called the Republican position "dangerous."
The Bank of England's interest rate decision this week will be the most unpredictable in years, leaving investors and analysts nervously wondering how likely it is that the UK will raise rates for the first time since the pandemic hit the global economy.