Topic: The "Precious Metals Mania" continues: Gold continues to hit record highs, silver rises above US$32
Spot gold continued to rise, hitting US$2450/ounce upwards, continuing to hit a record high, rising more than US$30 during the day.
Federal Reserve cut interest ratesbaccaratrouge540Optimism drives increased demand Spot gold prices hit new highs
Gold hit a record high as investor demand for various metals soared as optimism grew that the U.S. would cut interest rates this year. Gold prices rose 1.5 percent in early Asian tradingbaccaratrouge540.1%, hitting US$2,440.59 per ounce, surpassing the intraday record high set in April. In recent trading days, traders have stepped up bets that the Federal Reserve may cut interest rates as early as September. After last week's data showed that U.S. inflation slowed more than expected in April, the dollar fell and U.S. debt rose, providing support for gold. Hedge funds trading Comex futures increased their long bets on gold to a three-week high in the week ended May 14, according to the Commodity Futures Trading Commission.
Gold prices hit a new high, with the industry's largest gold stock ETF rising more than 4%
Affected by rising expectations of overseas interest rate cuts and renewed geopolitical risks in the Middle East, spot gold stood at a new high of US$2440! ETF (517520), the industry's largest gold stock, opened higher and rose more than 4%, and its intraday price hit a new high on the market, strongly impacting the weekly streak of three consecutive positive days. Recently, market funds have been continuously deployed. In the past five days, the amount of gold attracted has exceeded 100 million yuan, and in the past 60 days, it has attracted more than 700 million yuan. At the same time, its performance during the year was excellent, up 32.69%, ranking top 1 in its category (1/2151). Liu Tingyu, fund manager of the Yongying Gold Stock ETF, said that the market has begun to retrade interest rate cuts. Coupled with the increase in geopolitical uncertainties, gold ETF positions and COMEX non-commercial net long positions at historically low levels are expected to return, or push the price of gold into a new round of upward trend.