International gold price plummets 104 US dollars, the biggest drop in 3 years

Continuing pressure from the profit-taking market, international gold prices fell sharply on the 24th. The most active December contract on the New York Mercantile Exchange gold market closed at $1757.3 per ounce, down $104 from the previous trading day, a decline of 5.6%, the largest one-day drop since March 2008.

Market analysts said that the short-term atmosphere filled the entire market, profit-taking on the 23rd began to further increase on the same day, thus forming a huge downward pressure on the price of gold. In addition, after the Shanghai Gold Exchange increased the proportion of gold trading margin on the 23rd, investors worried that the Chicago CME Group may also take similar measures, which also constitute a bearish price for gold.

Investors continue to focus on the annual meeting of the world's central banks that will be held on the 26th. Although the market generally believes that the Fed will announce new economic stimulus plans at the meeting, some traders have begun to disappoint their hopes, which has aggravated the market's short position. atmosphere.

Data show that the world's largest gold exchange trading ** SPDR Gold Trust 23 gold positions again reduced by 25 metric tons to 1260 metric tons.

Despite this, most market participants are still optimistic about the prospects for gold. Some traders believe that in the long run, gold prices will continue to be supported by weak global economic recovery and escalating inflationary expectations. Analysts at Chicago PFGBest said that the recent correction will save the gold market a new round of savings.

As of the 24th, New York's gold price has risen by 25% from the low point in July of this year, and major financial institutions have recently raised the gold's future target price.

The price of silver in September delivery fell by 3.19 US dollars to close at 39.162 US dollars an ounce, a decrease of 7.4%. Platinum prices for October delivery closed at $1826.3 per ounce, a decrease of $53.8 from the previous trading day, a decrease of 2.86%.

Shanghai Gold ** opened down 5%

The international gold price dropped by US$104 yesterday, with a 5.6% drop, the biggest drop in three years. Affected by this, the domestic gold bullion opened sharply lower, and the main gold 1112 contract plunged 5% to 363.51 yuan, followed by a rebound.

Affected by the continuous impact of the debt crisis in the United States and Europe, investors continue to seek safe haven. International gold prices have hit record highs since July of this year. The cumulative increase rate was as high as 25%. Not only investors in developed countries such as the United States sought gold, but also emerging economies such as China. Many people in the body are also keen to invest in gold. At the same time, the risk of investing in gold has become higher and higher. However, the recent market expectation is not favorable to gold prices. In addition to the stabilization of the financial market, the Fed ** Bernanke may announce new economic stimulus measures on the 26th of this month to further adjust the economy. The market judges that the U.S. government seems to take further measures to ensure economic stability.

This is the second consecutive decline in international gold prices. The gold price on the 23rd has fallen by 30 U.S. dollars, which should be a clear warning to investors. Another warning is that the gold holdings of the world's largest gold exchange-traded SPDR Gold Trust have sharply decreased by nearly 25 tons to 1259.57 tons in the afternoon of the 23rd, reflecting that the gold market has shown an unstable trend.