In the Asian session of this trading day, spot gold opened at $ 1,649.57 per ounce and closed at 10:00.gold priceThe highest price hit $ 1,654.81 an ounce and the lowest hit $ 1,648.04 an ounce.
The initial value of the US Markit Services PMI for October released on Monday was 46.6, lower than market expectations of 49.2 and the previous value was 49.3; the initial October US Markit manufacturing PMI was 49.9, lower than market expectations of 51.1 and the previous value was 52..
The comments said that in October the momentum of the US economic downturn increased significantly and confidence in the outlook also deteriorated dramatically. The decline was largely driven by a sharp decline in service sector activity fueled by rising cost of living and tighter financial conditions. While manufacturing production remains more resilient for now, demand for goods dropped sharply in October, meaning current production can only be sustained by companies digesting the previous order book. Obviously, this isn’t sustainable without a pickup in demand, so it wouldn’t be surprising to see companies cut their input purchases in preparation for a drop in production in the coming months. One benefit of declining input purchases is that supply constraints have been eased further, which, combined with a stronger dollar, has helped ease pricing pressures in the manufacturing sector. Price pressures in the service sector have increased slightly due to the high costs of food, energy and labor and higher financing costs, but increased competition in the market has meant that average prices for services have grown only marginally more. quickly and price pressures eased in the commodity manufacturing sector. the CPI is expected to cool down in the coming months. As a result, the survey showed that the risk of the US economy contracting in the fourth quarter increased while inflationary pressures remained high. However, there are clear signs that weaker demand is helping to moderate headline inflation, which is expected to continue to decline in the coming months, especially if interest rates continue to rise.
When gold stops rising, falling back and meeting new support, it will continue to follow the rally at its current pace. This is the market caused by the slowdown in the pace of interest rate hikes in the United States. This wave of market prices is not small, it has currently skyrocketed by $ 50 and it is not out of the question that it will continue to skyrocket by $ 50 this week. Gold has found new support at 1644 above the mid 4 hour mark, and it is time to be bullish on gold.
Gold investment network
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Responsible editor: Zhang Jingdi
