Since April, the yield of 10-year US bonds has fluctuated within a narrow range, and the risk-free interest rate in the United States can be regarded as a "constant" when inflation jumps up and down year-on-year. Once inflation fluctuations level off, the impact of weak fluctuations in US bond yields will be significantly amplified.
The US non-farm payrolls data released on August 7 exceeded expectations, which made the yield of 10-year US bonds rebound from the fluctuation range since April, and this process just hit the high price of gold. In other words, the recent adjustment of gold is the result of the temporary switch of marginal contradictions caused by the excessive increase of gold.
Extended data
Industry insiders continue to be optimistic about the trend of gold and silver in the second half of this year:
Shengbao commodity strategist said that this round of gold price decline was an adjustment after the previous sharp rise. Considering the rising inflation in the United States, the negative real interest rate and the possibility of controlling the yield curve in the United States, gold is still bullish.
Li Xunlei, chief economist of Zhongtai Securities, believes that "gold is still at the front end of volcanic eruption, and has not yet erupted". Wang Lixin, Managing Director of the World Gold Council (WGC) in China, is optimistic about the prospects of the domestic gold and jewelry market in the second half of the year. Wang Lixin predicted that the wedding activities postponed to the second half of the year due to the COVID-19 epidemic will boost the demand for gold ornaments and further help the recovery of the gold market.
Phoenix. Com- how to view the rhythm of gold operation in the next two years?