Gold prices plummeted! How much is a gram of gold in major gold stores on May 13, 2022

On Friday (May 13), the international gold price hit a low of $1,810.07 per ounce since February 7, as the U.S. dollar index hovered below a more than 21-year high, curbing demand for dollar-denominated gold by non-dollar holders .

With the return of the U.S. dollar to a new high in 21 years, the decline in the international gold price has also led to a decline in the domestic gold price, and the prices of mainstream brands have fallen one after another. This is the gold price announced on the official website today, for reference only:

Gold shop offer

Gold price today

unit

ups and downs

old temple gold price

520

Yuan/gram

rise

Lukfook Gold Price

515

Yuan/gram

fall

Chow Tai Fook Gold Price

515

Yuan/gram

fall

Saturday Fu Gold Price

521

Yuan/gram

rise

Gold Supreme Gold Price

515

Yuan/gram

fall

Lao Fengxiang Gold Price

515

Yuan/gram

fall

Tide Acer Gold Price

515

Yuan/gram

fall

Chow Sang Sang Gold Price

516

Yuan/gram

fall

At 15:22 Beijing time, spot gold rose 0.18% to US$1,824.35 per ounce; the main COMEX gold futures contract fell 0.08% to US$1,823.2 per ounce; the US dollar index fell 0.09% to 104.655.

The U.S. dollar index hit its highest level since mid-December 2002 at 104.92 overnight, boosting the dollar’s safe-haven appeal as the market remained concerned that the Federal Reserve’s actions to curb upward pressure on inflation would dampen global economic growth.

Federal Reserve Chairman Jerome Powell said on Thursday (May 12) that price stability is the “cornerstone” of continued economic growth and that the Fed’s measures to control inflation will “bring some pain” as people feel the effects of high interest rates but let go Rapidly rising prices will have worse consequences.

The U.S. economy is facing its worst inflation problem since the early 1980s. At one point, prices rose at an annual rate of 14.5%, and then-Federal Reserve Chairman Volcker pushed the economy into two recessions with punitive interest rate hikes, and unemployment climbed above 10%.

U.S. consumer prices rose 8.3% year-on-year in April, and while not close to Volcker-era levels, rapidly rising costs for food, gas, housing and other daily necessities have become the number one political conundrum for the Biden administration. Biden made it clear this week that he would fully support the Fed’s efforts to lower inflation.

Given the policy measures the Fed has already taken (a sharp 50 basis point rate hike last week and will continue to do so), interest rates are rising sharply, with the 30-year fixed mortgage rate jumping to more than 5% from less than 3% last year, Trillions of dollars evaporated in volatile stock markets. A stronger dollar could prompt some consumers to spend less and keep inflation in check in the process. Gold, a non-yielding asset, is sensitive to rising interest rates and yields, as this increases the opportunity cost of holding gold for investors.

“If you’re going to use monetary policy to control inflation, all you’re going to do is force consumers to tighten their spending, and some industries, especially real estate, are going to feel the pain,” said Stan Shipley, strategist at EvercoreISI. Mortgage rates Above 6 per cent, it will be harder for potential home buyers to buy a home.”

“Nominal yields are also set to climb, creating double trouble for gold investors as the Fed will remain hawkish until inflation measures fall,” said Stephen Innes, managing partner at SPIAsset Management.

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