New York "Gold" Is The Biggest Increase In A Single Day, Experts Predict Ahead Of Time.

The interest rate reform measures announced by the people's Bank of China on Friday triggered a massive market purchase of Chinese investors. gold Gold prices have risen sharply in anticipation of a risk averse market, and for the first time in five weeks, it has broken through the $1300 mark per ounce.

On the other hand, the US dollar. exchange rate The fall in the same period also supported the upward trend in the price of commodity futures contracts, including gold, in the US dollar, which helped gold price rise for the most single day in more than a year, and the main gold contract traded at $1336 an ounce.

When the New York Mercantile Exchange delivered gold futures in August, it rose $43.10, or 3.3%, at $1336 an ounce. This price has set the highest closing price since June 19th, and the largest single day percentage increase and US dollar gain since June 29th.

The US dollar index of the Intercontinental Exchange that tracks six major currencies fell to its lowest level since 82.047 early Monday. The relative weakness of the US dollar makes it cheaper for investors to use other currencies to hold commodity futures contracts priced in US dollars, including gold, which is a clear support for prices.

The people's Bank of China announced last Friday that it would abolish controls on lending rates and allow financial institutions to set lending rates on their own. The analysis pointed out that this actually abolished the lower limit of bank loan interest rates, but did not abolish the upper limit of deposit interest rates. China's family has been the second largest gold buyer in the world. It may even win the world's first laurel crown in 2013 because of India's restrictions on gold imports. "The cost of borrowing is lower, but depositors are not getting the benefit, which means buying gold."

In terms of economic data, the data provided by the National Association of real estate brokers show that in June, the sales volume of housing sales dropped by 1.2%, and the annual total volume adjusted by the quarter was 5 million 80 thousand, far less than the average expectation of 5 million 280 thousand economists. Data further widened the decline in the US dollar exchange rate.

In a research report on Monday, Kay investment macro economist pointed out that although the mainstream market believes that silver prices will go beyond gold, but considering the relatively small scale and liquidity of the silver market and the greater reliance on the global economy, they still believe that silver prices will continue to outperform gold in the future.

According to the latest forecast by Kay, the gold price will be $1360 an ounce at the end of 2013, higher than the previous forecast of $1320 an ounce, and by the end of 2014 there will be 1440 dollars per ounce, which is also higher than the forecast value of 1400 US dollars per ounce. The forecast for silver prices at the end of 2013 is US $20.50 per ounce and will fall to US $19 per ounce by the end of 2014.

In terms of other metal prices, silver rose $1.05 in September, closing at $20.51 an ounce, or 5.4%, while copper rose 4.5 cents in September, or 1.4% at $3.19 a pound in September.

Platinum rose $16.80 in October, closing at $1448 an ounce, or 1.2%, while palladium rose 70 cents in September, or 0.1% at an ounce of 750.45 dollars in October.

Beijing time on July 23rd morning, Monday, August, the main crude oil contract is about to expire after the end of the trading day, the price also broke through a barrel of $108 mark after the lack of continued upward momentum, prices fluctuated substantially throughout the day, the main crude oil contract finally fell at $106.91 per barrel.

The New York Mercantile Exchange August crude oil contract fell $1.14 on Monday, closing at $106.91 a barrel, or 1.1%. The contract rose to $108.79 a barrel earlier in electronic trading.