Today on Monday (October 10), the main opening price of US gold was 1703.5000 US dollars / ounce, and yesterday’s closing price was 1701.8000 US dollars / ounce. Spot gold opened at $1,696.51/oz on the day and closed at $1,694.26/oz yesterday. As of 15:29 Beijing time, the main US gold price was $1,694.7000/oz, down 0.42%; spot gold was quoted at $1,687.18/oz, down 0.42%.
Domestic gold varieties market:
The Shanghai gold main force opened at 398.00 yuan/gram on Monday (October 10), and closed at 390.82 yuan/gram yesterday; gold TD opened at 394.36 yuan/gram yesterday, and closed at 389.68 yuan/gram yesterday.
Nonfarm strengthening strengthens dollar rally
The US non-farm payrolls released last Friday continued to strengthen the Fed’s hawkish interest rate hike stance, providing support for the dollar. The U.S. dollar index rose for three consecutive days, including a white candlestick with a long lower shadow for the week, up 0.51%. Africa and the United States have weakened, and even gold has failed to benefit from the bombing of the Crimea Bridge. The euro fell for three days in a row, continuing to stay away from the parity mark. Sterling extended losses, declaring a failed recovery from its Sept. 26 low. The yen fell below 145 again, heading towards 145.90, the level before the Japanese authorities intervened. Commodity currencies fell further on the lower track of the low consolidation range, the Australian dollar recorded a new low, but the Canadian dollar was close to closing flat due to higher oil prices.
Data showed that the US added 263,000 non-farm payrolls in September, the smallest monthly increase since April 2021, slightly higher than the expected 255,000, and the previous value of 315,000. Meanwhile, the unemployment rate slipped to 3.5% from 3.7%, missing expectations. This means that in the context of the Fed’s aggressive interest rate hikes, the U.S. labor market is still tight, strengthening the Fed’s confidence to continue aggressive interest rate hikes. The “Fed News Agency” said a solid jobs report for September will keep the Fed on track to approve another big rate hike at its meeting next month. However, it then issued another document expressing concern about the Fed’s rapid rate hike, saying it would trigger a deep recession.
On Saturday morning local time, a violent explosion occurred on the Crimea bridge linking Russia and Crimea, killing three people according to preliminary statistics. Russian State Duma representative Oleg Morozov said the incident was a “declaration of war”. This incident may become a fuse for the escalation of the intensity of the conflict between Russia and Ukraine, and become the focus of the market. However, judging from the reaction of the Asian market in early trading on Monday, safe-haven gold is still weak, and the US dollar remains relatively strong, indicating that the market may have expected the escalation of the conflict between Russia and Ukraine, and the negative impact on market sentiment is limited.
Sina Statement: This news is reproduced from Sina’s cooperative media. Sina.com publishes this article for the purpose of conveying more information, and does not mean agreeing with its views or confirming its description. Article content is for reference only and does not constitute investment advice. Investors operate accordingly at their own risk.
Massive information, accurate interpretation, all in Sina Finance APP
Responsible editor: Deming SF006