SMM11 March 6: today, the precious metals market once again ushered in a strong rally, boosted by factors such as the US election and the Fed's loose remarks that kept the benchmark interest rate at 0% Rue 0.25% overnight, precious metals were strongly volatile, with the main force of Shanghai Silver rapidly rising to 5% at the start of trading today. Shanghai Gold once stood at the 410 mark in the main trading session, brushing a four-week high. At the close of trading during the day, the main force of Shanghai gold was reported at 408.30, up 1.4%, while the main force of Shanghai Bank of China was at 5335, up 4.36%.
At present, the global attention is focused on the US election, but for the precious metals market, no matter who wins, as long as the result of the election is announced, the landing of the stimulus bill to deal with the epidemic in the United States is expected to soar, which is good for the price of precious metals.
In terms of gold ETF, the world's largest gold ETF--SPDR Gold Trust position fell 3. 5 tons compared with the previous day, and the current position is 1252.42 tons. In addition, the latest data released by the World Gold Council (WGC) show that the global gold ETF recorded a net inflow for the 11th consecutive month in October, as most risky assets such as stocks fell during the period, but the net inflow for the month was the smallest so far this year.
Global gold ETF positions rose 20.3 tonnes (0.6 per cent of assets under management) in October, and gold prices consolidated horizontally during the month, with spot gold closing slightly below $1900 an ounce. Net inflows so far this year have totaled 1022 tons ($57.1 billion), pushing total positions in global gold ETF to an all-time high of 3899 tons ($235 billion). The outcome of the US election is likely to remain uncertain for some time, but no matter who wins the presidency, basic support for gold investment demand will not change.
