The following is an update for the five-day period from 6th October to 10th October for the gold price:
This week has seen the emergence of an unsettled state of affairs in the financial markets. The minutes from the meeting of the US Federal Reserve and the International Monetary Fund have triggered somewhat of a market surge. At the beginning of the week (6th October), the gold price continued with the previous week’s nosedive, reaching a trough of 1183.10 USD/oz – a low point in the market not seen since June 2013. As holidays came to a close in both India and China, many buyers returned to the market with a rebound recovery in the gold price following soon after. The minutes from the US Federal Reserve’s September meeting would suggest that interest rate rises are not imminent, causing the gold price to rise to a three-week high of 1233.10 USD/oz. With the downgrading of the IMF’s global economic outlook, and stocks looking like a risky option, investors ran for the safety of the gold markets. The gold price, as of the 13th October, was holding steady at around 1220 USD/oz.
As for the domestic Chinese coins market, the recently issued (10th October) Year of the Ram gold and silver coin series has started to see pre-orders. Under the influence of an increased interest in these fresh coins, the market for this year’s more recent releases as well as 2014’s slightly older releases has suffered over the last few days, showing a gradual deterioration. The domestic market in general has seen downward trends. For example, the 2014 1 oz silver Panda reached a low point today of around 175 yuan. However in contrast, the market for the 2014 5oz silver Panda is flourishing at around 1250 yuan, and – largely due to a lack of market supply – the 2014 1 oz gold Panda has significantly strengthened to 8100 yuan.