According to the Zhongtong Finance APP, golden industrial concept has continued to decline. As of press time, Lingbao Gold (03330) fell by 4.42%, reporting 3.24 Hong Kong dollars; Zijin Mining Group (02899) fell by 3.25%, reporting 17.26 Hong Kong dollars; Chinagoldintl (02099) fell by 2.72%, reporting 51.9 Hong Kong dollars; SD Gold (01787) fell by 1.3%, reporting 16.66 Hong Kong dollars.
On the news front, Fed Chairman Powell admitted that inflation has made progress and the job market has cooled down, but has not clearly released signals of an impending rate cut. The US dollar index performed relatively strong, and the overnight gold price once fell below 2350 US dollars/ounce. On the geopolitical front, some media claimed that negotiators from all sides of the Gaza conflict will hold a meeting on Wednesday. The market is currently focused on the upcoming US CPI and PPI data.
According to the report by Dayue Futures, the impact of the first-half sprint factor will strike the possibility of further increases in gold and silver prices. In addition, the second half of the year with highlighted political risks will increase more uncertainties, and gold and silver prices are likely to rise during the US election. Furthermore, there is a possibility that the Middle East situation and the Russia-Ukraine tension may end, which would have a huge impact on gold and silver prices.