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The international gold price looks at US$1810 in the market outlook

Oct 26, 2021 11:03

On Thursday (October 14), the international gold price hovered below the high level of 1796.20, which was set overnight since September 16, and the yields of the U.S. dollar and U.S. Treasuries stopped falling and stabilized, limiting the rise of gold prices. The gold price looks at $1810 in the market outlook.

At GMT+8 13:48, spot gold fell 0.12% to US$1790.84 per ounce; the main COMEX gold contract fell 0.17% to US$1791.6 per ounce; the US dollar index rose 0.04% to 94.062.


Gold prices surged by nearly 2% overnight, the U.S. dollar index plummeted by more than 0.5%, and the 10-year U.S. Treasury yield fell for the second consecutive trading day. Therefore, the previously announced data show that the US inflation fever has exceeded expectations.

The Consumer Price Index (CPI) of the United States in September showed that inflation in the United States has steadily risen, and the prices of food, rent and a series of other commodities have all increased. This has put pressure on the Biden administration to immediately resolve the supply chain tension that is hindering economic growth. problem.

The minutes of the Fed’s September 21-22 policy meeting show that policymakers have hinted that they may start to reduce their support to the economy during the crisis in mid-November, but how big is the threat of high inflation and how quickly interest rates need to be raised to deal with it. There are still disagreements on the issues to be addressed.

The world's largest gold-backed exchange-traded fund (ETF)-SPDR Gold Trust's gold holdings dropped from 985.05 tons on Tuesday to 982.72 tons on Wednesday, a decrease of 0.2%.

On the hourly chart, the price of gold started an upward iii wave trend from US$1750 and broke the 76.4% target of US$1796. The market outlook is expected to further touch the 85.4% target of US$1801 and the 100% target of US$1810.

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