According to business agency data, on November 30, the spot price of gold was 368.49 yuan / g, down 7.27% compared with the average price of 397.40 yuan / g in the spot market at the beginning of the month (11.1); the spot price of gold was 342.54 yuan / g at the beginning of the year, up 7.58%; the spot price of gold was 331.75 yuan / g, up 11.07%; compared with the peak value (8.7) of the year, the spot price of silver was 448 yuan / g , down 17.75%.
| Melamine |
On November 30, the average price of silver market was 4646.67 yuan / kg, a decrease of 6.08% compared with the average price of 4947.33 yuan / kg at the beginning of the month (November 1); the spot price of silver at the beginning of the year (01.01) was 4376.33 yuan / kg, an increase of 6.18%; the spot price of silver was 2942.67 yuan / kg, an increase of 57.91%; compared with the peak price of 8.11, the spot price of silver was 6708.33 yuan / thousand yuan G, down 30.73%.
Risk aversion subsided and optimism rose
In November, the regional comprehensive economic partnership agreement (RCEP) was signed, adding that the domestic economy has maintained an over expected growth rate or will become the only country with positive growth in the main economy. The news of the success of vaccines in overseas countries offsets the current deterioration of overseas epidemic situation. In the medium term, it is expected to strengthen in the medium term and boost the expectation of foreign industrial demand. In terms of policy, large-scale international stimulus policies are expected Period is still in, ignite funds to do long commodity enthusiasm.
China’s official manufacturing PMI for November, released this morning, rose to 52.1 (previous value 51.4), the highest since October 2017, and remained in the expansion range for nine consecutive months. From the perspective of enterprise scale, the PMI of large, medium and small enterprises was 53, 52, and 50.1, respectively, which was 0.4, 1.4 and 0.7 percentage points higher than that of the previous month, and the PMI of small enterprises returned to the top of the dry and prosperous line. From the perspective of the sub index, the production index rose to 54.7 (previous value 53.9), the new order index recorded 53.9, 1.1 percentage points faster than the previous month, and the new export order index recorded 51.5 (previous value 51), rebounded for seven consecutive months, reaching a new high since 2018.
The data of business associations also showed that the commodity supply and demand index (BCI) in November was 0.63, with an average increase of 6.67%, reflecting that the manufacturing economy in the month was expanding compared with the previous month, and the economic growth trend was obvious. It is reported that this is the expansion state of BCI for seven consecutive months since it turned from negative to positive in May.
| Gamma-PGA (gamma polyglutamic acid) |
The domestic macro data is better, and the market is optimistic.
And good news from overseas vaccines has greatly weakened the biggest source of risk aversion sentiment in the market this year. Since the peak value of precious metal prices reached in the middle and early August, some profit-making funds have begun to operate steadily in the third quarter of 2020, including some central banks, such as Uzbekistan and Turkey.
According to the world gold association, in the third quarter of 2020, central banks sold 12 tons of gold, the second quarter in nearly 10 years. In the third quarter of 2020, the total global gold ETF positions reached a new record of 3880.0 tons, of which the net inflow in the third quarter was 272.5 tons. The growth rate of gold ETF positions in the third quarter was lower than that in the first half of the year.
After the third quarter, the investment fever of precious metals has actually begun to slow down. The current round of Dayang market driven by investment demand has started to divert.
After the price of precious metals moved down, the overall price of precious metals fluctuated from late September to the end of October. In November, the risk preference of capital in the market rose. Other domestic markets, such as the stock market and futures market, showed a significant unilateral upward trend, and the price of precious metals was under more pressure.
| Azodicarbonamide (AC foaming Agent) |