The attractiveness of inflation hedging tools has weakened, and spot gold has declined for two consecutive weeks after rising first and then suppressing later

Spot goods for the past weekgoldAfter a moderate rise on Monday, it fluctuated and fell, with a significant decline on Friday1%The price of gold approached at one point1820dollar/Ounce level. On Friday, spot gold closed1828.30dollar/Ounces, down in the past week20.56USD or1.11%For the second consecutive week of decline.

The strength of the US dollar and the rise in the yield of US treasury bond bonds have triggered a short-term correction. Gold market（wzg.com/gold?401）The dilemma lies in the long-term buying caused by rising inflation expectations triggered by stimulus measures, as well as the selling caused by the rebound in the US dollar and increased concerns about the reduction of quantitative easing.

index10The yield of one-year treasury bond bonds stayed at the level hit earlier last week10Near the month high, the US dollar index has also achieved self improvement2020year10The largest weekly increase since the beginning of the month has made gold more expensive for holders of other currencies.

According to Friday's announcement by the US Department of Commerce,12Retail sales have decreased in the month0.7%For the third consecutive month of decline. Economic data shows that the sustained impact of the epidemic on the economy has boosted demand for safe haven currencies, which in turn has stimulated the US dollar to rise against a basket of currencies on Friday, hitting a near four week high, further suppressing changes in gold prices.

Beijing Time15In the early morning of the day, Federal Reserve Chairman Powell delivered a speech at the event. He emphasized that the Federal Reserve will not raise interest rates quickly, and now it is not about exitingQEWhen. Powell promised that if the conditions were mature enough to consider reducing asset purchases, there would be sufficient warnings. Interest rates and asset purchase guidelines are not based on time, but on outcomes.

The dovish signal released by Powell this time also played a role in suppressing the upward signal of the US dollar. Western Pacific Bank's currency market analysts said, "In the short term, Powell has limited the upward shift of the US dollar. The benchmark expectation is still a significant increase in global economic growth, which has been proven to be positive for most currencies against the US dollar in history But I think whether the US dollar will be as weak as people expect, at least it needs to be discussed and discussed

US President elect Biden proposed a proposal on Thursday1.9A trillion dollar economic stimulus plan. Although gold is considered a tool to hedge against inflation and currency depreciation caused by widespread stimulus, the recent jump in bond yields has challenged this position as it increases the opportunity cost of holding non yielding gold. Biden will also hold his inauguration ceremony next Wednesday.

In addition, the three major central banks, the Bank of Canada, the Bank of Japan, and the European Central Bank, will hold monetary policy meetings, which will inevitably attract some market attention.