On Thursday (July 24th), at the close of the Asian markets, the gold price had continued to suffer downward pressure, at one time falling to 1296.85 USD/oz. The Japanese markets also took three successive tumbles. The one-week low of around 1300 USD/oz is yet another indication that there might be the possibility of the market price falling to last week’s lowest point of 1292.03 USD/oz. Even though predictions for Chinese industry are good in the near future, this has not managed to bolster the demand for gold as expected. Short term fluctuations in the markets in general have had little effect on the general trends of the gold price.
Furthermore, the US Federal Reserve’s anticipated plans to increase bond investment at the end of October, and to raise interest rates next year, would also result in the restriction of the availability of gold to investors.
Under the current conditions, the 2014 West Lake Cultural Landscape of Hangzhou Series of gold and silver coins is, as before, the strongest feature of the market. The 1 kg silver coin of the series keeps many investors optimistic: at the time of writing, the opening price on the online coins market was around 12000 yuan. Interest in the smaller gold and silver sets is starting to warm up, with deals being reached in the range of 4050 – 4200 yuan. Despite the poor supply of the silver sets, their price remains steady in the region of 980 – 1050 yuan. The 5 oz gold coin of the series is around 69000 yuan, while the prices for the 1 kg gold coin start in the vicinity of 405000 yuan.