According to the data of Business News Agency, the spot market price of gold on February 27, 2023 was 413.05 yuan/g, down 2.05% from the beginning of the month (February 1), and up 0.77% from the early average spot market price of 409.89 yuan/g at the beginning of the year (January 1).
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According to the data of the Business News Agency, the average price of silver market on February 27, 2023 was 4859.33 yuan/kg, down 0.15% per day, down 6.25% from the beginning of the month (February 1), and down 9.09% from the average price of the spot market at the beginning of the year (January 1), 5345 yuan/kg; Compared with the early average spot market price of 4368.33 yuan/kg at the beginning of October 2022 (October 1), an increase of 11.24%.
Price trend of precious metals and crude oil
Comparison of precious metal gold and silver price trends in the past year
In 2022, the rise and fall trend of precious metal gold and silver will converge, but in April and August, silver will fall deeper, and the recent recovery will be more obvious. In December, silver will continue the strong market of last month, and gold will start to consolidate at a high level. In 2023, the precious metal gold and silver will consolidate at high levels, and fall slightly in February.
Macro fundamentals
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The US PCE data in January performed better than expected, which may push up the expectations of the Federal Reserve’s higher terminal interest rate to some extent. The US dollar rose strongly, and the bulk was under pressure as a whole. The expectation of the Federal Reserve to increase the tightening force made the precious metals fall under pressure.
In Europe, the European Central Bank’s Euro short-term interest rate (ESTR) rose to 3.76% in November 2023 from about 3.65% before the release of US data. According to the survey of economists, the core inflation rate of the euro zone in February, which is expected to be released on Thursday, will remain at a record level of 5.3%. European Central Bank President Lagarde said earlier that the European Central Bank is likely to continue to implement the plan of raising interest rates by 50 basis points when it meets next month.
Precious metal aftermarket
Precious metals are relatively sensitive to macro fundamental factors due to their strong monetary attributes. The expected tightening of the Federal Reserve’s monetary policy also put some pressure on the continued upward trend of precious metal prices, including the upward energy. In the short term, it is expected that the price of precious metals will be mainly stable and weak.
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