Market analysis

摘要

Gold prices in Shanghai Gold Exchange (SGE)are in downward trend in July, generally, mainly because of the strengthening of US dollar. The highest closing price for Au99.95 and Au99.99 is 115.29 yuan per gram and 115.38 yuan per on July 1, respectively. The lowest price for Au.99.95 and Au99.99 is 110.42 yuan per and 110.53 yuan per gram on July 27, a record Sow in the year to date. The trading volume of Au99.95, Au99.99, AuT+5, AuT+D and AuSOg is 28,346kg, 7,095.6kg, 8,368kg and 11.9kg, a historic low on monthly basis in the year. China's central bank - the People's Bank of China abruptly announced its currency, the yuan, appreciates by 2.1 percent 7:00 o'clock on the evening of July 21. The yuan, at 8.11 to a US dollar now, will be allowed to move in a narrow band of 0.3 per cent against the US dollar in daily trading and 1.5 per cent against an unspecified basket of currencies.