On Thursday, precious metals rose sharply, with the main force of Shanghai gold rising 1.34% to a two-month high, while Shanghai silver rose 2.68%, also hitting a two-month high. Political tensions have also strengthened gold's safe-haven appeal, boosted by the fall in US bond yields from their highs. In the evening, focus on the number of initial jobless claims in the United States, while the Federal Reserve's next decision will be held on January 26, if the release of hawkish signals may put pressure on precious metals.
Treasury yields fell from two-year highs as investors continued to rise in yields recently, prompting demand and strong demand for the sale of 20-year bonds by the Treasury. The U.S. Treasury sold $20 billion in 20-year bonds. The winning interest rate of this round of auction is 2.21%, which is more than 1 basis point lower than the trading level of the secondary market before the auction. The yield on the 20-year note was late at 2.19%, having earlier hit 2.28%, its highest level since May 2021.
Geopolitical tensions are also beginning to favour precious metals as investors become more cautious. According to foreign media reports, the Biden government announced an additional 200 million US dollars in defensive military assistance to Ukraine, citing fears of a Russian invasion.
For the current market, Huatai Futures believes that the US dollar and US bond yields have fallen slightly, which makes the price of precious metals stronger obviously, with Comex gold rising to the front line of $1840 / oz. At present, in the case of persistent high inflation and repeated epidemic, it is still recommended to maintain the strategic multi-allocation of precious metals.
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