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For the first time in 6 years, gold stands at US$1550, and China has partially lifted its gold import restrictions

2019-08-27


COMEX gold futures on the New York Mercantile Exchange rose 1.8% on Monday morning to $1,565, a new high since 2013. Silver is also favored, and the spot price rose by 1.9%.

So far in 2019, the international gold price has risen by more than 20%.

Goldman Sachs analysts previously predicted that the price of gold is expected to exceed $1,600 per ounce in the next six months. Bank of America Merrill Lynch (Bank of America Merrill Lynch) analyst Michael Widmer said that gold is expected to rise to $2,000 per ounce in the next two years.

Driven by the global central bank group's change of pigeons, the upward trend of gold prices will continue. "We think the Fed will cut interest rates further, and other countries will also switch to easing policies."

UBS Group AG and Citigroup are also bullish on gold, believing that the price of gold can rise to $1,600 per ounce.

A source in the gold industry said that China has partially lifted its restrictions on gold imports, and that the import restrictions have prevented about 300 to 500 tons of gold from flowing into China in the previous months. According to current prices, this The total value of gold is between US$15 billion and US$25 billion.

The source said that this move may be aimed at reducing the occurrence of capital outflows and can boost the renminbi.

According to reports, China is one of the world's largest gold importers. According to data released by the General Administration of Customs of China, China imported nearly 1,500 tons of gold in 2018, which is worth about 60 billion U.S. dollars, which is equivalent to that of the world. One third of the total supply of gold, and China’s current gold reserves have reached about 2,000 tons, a nearly five-fold increase from 20 years ago.

Asia Finance

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