SMM11, March 30: recently, due to the confirmation of the US election and the boost of the vaccine to the economic recovery, the market risk factors continue to decrease, investors' risk appetite continues to rise, and gold and silver are under pressure. The main contract of Shanghai gold futures opened 2.00% lower in early trading today. As of press time, the Shanghai gold 2102 contract fell 1.93% to 373.46 yuan / g.
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According to the announcement on the official website, due to the recent increase in price fluctuations in the international precious metal market, the risk of individual customer trading precious metals business has increased. Since November 28, 2020, the Bank of China has suspended the signing service of precious metal products for individual Shanghai Gold Exchange business and two-way accounts, and the normal trading of contracted customers will not be affected. In addition, ICBC, Agricultural Bank of China, China Construction Bank, Bank of Communications, China Merchants Bank, etc., issued a notice together, suspending accounts for precious metals trading and other business customers from the 28th to sign accounts.
Institutional point of view
(CIBC), the Canadian Imperial Commercial Bank, believes that the average price of gold will be around 2300 US dollars per ounce next year, and the global economy will continue to be affected by the epidemic. The bank expects gold to average $2200 an ounce in 2022, $2100 an ounce in 2023 and $2000 an ounce in 2024. The average price of silver is expected to be $31 / oz in 2022, $30 / oz in 2023 and $28 / oz in 2024.
ANZ Bank (ANZ) believes that the good news of the vaccine will not stop the rise in gold prices. "the gold price is expected to fall by three months to $1900 / oz, but maintain a 12-month forecast of $2100 / oz."
Gold prices will still be back above $2000 an ounce over the next six months, according to TD Securities (TD Securities).
