Price trend of spot precious metals
According to business news agency data, on February 26, the average price of silver in the morning market was 5584.67 yuan / kg, down 2.30% from 5716.33 yuan / kg in the spot market at the beginning of the month (February 1), and up 0.62% from 5550 yuan / kg in the spot market at the beginning of the year (01.01).
On February 26, the spot price of gold was 370.80 yuan / g, a decrease of 4.41% compared with the average price of 372.71 yuan / g in the spot market at the beginning of the month (2.1), and a decrease of 5.58% compared with the spot price of 392.70 yuan / g at the beginning of the year (01.01).
Main reasons for precious metals’ correction in February
1. Soaring bond yields
The poor auction result of US Treasury bonds led the 10-year yield to jump to more than 1.6% on Thursday; the soaring bond yield reflected the improvement of US growth prospects and inflation expectations.
2. Lack of investment demand
After the investment peak in 2020, the price of precious metals will gradually weaken. With the continuous introduction of vaccines into the market, the expectation of economic recovery from the epidemic is strengthened, and the possibility of real interest rate rising is increasing.
The expected outflow of investment funds from gold ETF increased, and domestic gold ETF positions fell due to factors such as stronger exchange rate.
3. Closure of alternative assets
Other alternative assets spread investor demand for gold.
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