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-13th International Gold Price ¡è0.15%
-Today's Gold Price (Korea Gold Exchange ¡é0.66%, Korea Exchange-KRX ¡é0.18%)

International gold prices have broken their all-time closing highs for two consecutive days. Expectations for the Fed's September interest rate cut due to weak U.S. economic indicators have dragged down gold prices.

On Tuesday (local time on the 13th), the price of gold futures for December this year on the New York Mercantile Exchange closed at $2,507.80 per ounce, up 0.15% ($3.8) from the previous trading day. This is the highest closing price since the contract was signed in 1974. The previous closing high was $2,504.0 per ounce, breaking the record in just one day.

The intraday gold price also rose to $2,517.39 per ounce at one point, coming close to the intraday all-time high of $2,522.50 recorded on the 2nd.

Gold prices have risen for five consecutive trading days up to this day.

The rise in gold prices on this day was due to the fact that the US Producer Price Index (PPI) for July fell short of expectations, increasing expectations for a rate cut by the US Federal Reserve next month.

According to the US Department of Labor, the July PPI rose 0.1% from the previous month on a seasonally adjusted basis. This figure is lower than the market expectation of 0.2% increase by experts. It also fell short of the previous month¡¯s 0.2% increase.

Compared to the same period last year (seasonally unadjusted), it rose 2.2%, which is also a significant slowdown from the previous month¡¯s 2.7% increase.

In particular, it was notable that prices in the service sector fell for the first time this year.

The July product index rose 0.6% from the previous month, turning upward for the first time in three months, but the service index fell 0.2% from the previous month. This is the first decline since December of last year.

The PPI has the characteristics of a leading indicator. As wholesale service prices fell, a similar trend was expected in the future consumer price index.

As the PPI came out to the market's liking, expectations for the July consumer price index (CPI) to be released on the 14th also increased. If the July CPI falls short of expectations, there are expectations that the Federal Reserve (Fed) will also accelerate its rate cut.

Based on the PPI results on this day, the bet that the September rate cut will be 50bp gained ground again.

According to the Chicago Mercantile Exchange (CME) FedWatch Tool, the federal funds futures market reflected a 53.5% probability that the September rate will be cut by 50bp. The previous day, a 25bp cut was in the lead. The central bank's interest rate cut is a positive factor for gold, reducing the opportunity cost of holding interest-free gold.

The dollar and Treasury yields also fell after the PPI was released, supporting the rise in gold prices.

The dollar fell 0.4% against competing currencies, and the 10-year Treasury yield also fell to its lowest level in a week. The decline in the dollar is a favorable factor for gold, stimulating overseas buyers' buying sentiment by lowering the perceived price of gold, which is usually traded in dollars.

The heightened tensions in the Middle East war are also supporting gold prices.

Iran has been threatening retaliation, pointing to Israel as the perpetrator after the assassination of Ismail Haniyeh, the political leader of the Palestinian militant group Hamas, in Tehran on March 31.

One of the sources, a senior Iranian security official, said that if the Gaza Strip negotiations fail or Israel is judged to be delaying the talks, Iran will launch a direct attack along with its allies in the Middle East, including the Lebanese militant group Hezbollah.

Gold is seen as a hedge against geopolitical and economic uncertainty. The previous day, gold prices rose more than 1%, enjoying their status as a safe haven.

Some experts say that gold prices will soon reach a new all-time high.

¡°Despite recent profit-taking, investors continue to move to safe-haven gold due to ongoing geopolitical tensions, recent market volatility, and expected interest rate cuts,¡± explained Alex Evkarian, chief operating officer at Allegiance Gold.

¡°July CPI data could raise expectations again, which could provide additional impetus to gold prices. Therefore, it is only a matter of time before a new all-time high is reached,¡± he added.

In addition, the spot silver price fell 1.2% to $27.68 per ounce, and platinum rose 0.4% to $939.80. Palladium closed at $936.29, up 1.8%.

At this time, the international gold price (as of 10:00 a.m., London LBMA gold price) is moving at the $2,466 level.

The domestic gold price showed a slight downward trend due to the decline in the won/dollar exchange rate due to the weakening dollar.

According to the Korea Gold Exchange on the 14th, when a consumer buys 1 don (24k, 3.75g) of pure gold, the price is 457,000 won (including VAT), down 0.66% (3,000 won) from the previous day (as of 10:00 a.m.).

When a consumer sells 1 don of pure gold, the price is 400,000 won, the same as the previous day. The prices for 18k and 14k were 294,000 won and 228,000 won, respectively, the same as the previous trading day (the product price is applied when purchasing 18k and 14k).

In addition, the price for silver was 5,380 won, down 0.74% from the previous trading day, and 4,270 won, down 0.94%. The price for platinum was 180,000 won, down 0.56% from the previous day, and 146,000 won, when selling.

The price for gold on the Korea Exchange (KRX) also fell slightly, falling below the 100,000 won per gram level.

The price for gold on the Korea Exchange (KRX) was 109,280 won per gram, down 0.18% from the previous day's closing price (as of 10:00 AM).

Shinhan Bank's gold price fell 0.44% (481.94 won) to 107,967.94 won.

In the Seoul foreign exchange market, the won-dollar exchange rate started trading at 1,363.0 won, down 3.5 won from the previous trading day.

Detailed domestic gold price inquiries can be found on the Korea Gold Exchange and Korea Exchange (KRX) websites.

Meanwhile, on the 14th, the World Gold Council (hereinafter referred to as WGC) announced that "Asian investors posted net profits of $438 million in July as precious metal prices surged, continuing the 17th consecutive month of fund inflows," and that "India led the inflow."

The WGC said that "India's strong demand was mainly helped by changes announced in the recent budget, which effectively shortened the long-term investment qualification period and lowered related tax rates, making the investment environment for gold ETFs more fair and attractive." ¡°Strong gold prices in local currencies also helped. Net inflows were also observed in China and Japan, which were likely driven by similar factors – weaker equity markets and strong local gold performance in the month,¡± it added.

Despite the relatively slower pace of growth in July, Asia recorded total inflows of $3.6 billion in 2024, with China and Japan as the main drivers, significantly outpacing all other markets. ¡°Record inflows and strong gold prices pushed total AUM in Asian funds to a record $15 billion, while total assets held increased by $47 trillion,¡± the analysts said.

Elsewhere, July saw the second consecutive month of mild inflows, mainly from South Africa, where post-election political uncertainty may have helped, the WGC said.

¡°Australia also experienced positive inflows, which were likely supported by a strengthening gold price as the local currency weakened,¡± he added, adding that ¡°funds listed elsewhere have seen inflows of $40 million so far in 2024, mainly from South Africa.¡±

Trading volumes also recovered across markets globally, reaching an average of $250 billion per day in July, up 27% from June and well above the $163 billion per day average in 2023.

The experts explained, ¡°Similar to June, global OTC (over-the-counter) trading activity increased by 16% to $150 billion/day, driven by increased LBMA volumes, representing a 13% month-on-month increase in tonnage.¡± ¡°Volumes across all major exchanges increased in July, with COMEX leading the way, recording a massive 51% month-on-month increase. Global gold ETF trading activity also increased, up 9.3% month-on-month, driven primarily by North American funds.¡±

COMEX total net purchases also saw a significant 2% increase during the month, ending July at 783 tonnes. ¡°Money manager net purchases, a key component of COMEX gold net purchases, increased to 588 tonnes by the end of July, driven by continued strength in gold prices amid expectations of lower interest rates,¡± the WGC said. ¡°This represents a 2% month-on-month increase and the highest month-on-month level since February 2020.¡±

-New York Stock Exchange-

The New York Stock Exchange soared across the board. As the US wholesale prices slowed more than expected, buying power poured in amid the perception that the path of interest rate cuts had become clearer.

On the 13th (Eastern Standard Time), the Dow Jones Industrial Average closed at 39,765.64, up 408.63 points (1.04%) from the previous day at the New York Stock Exchange (NYSE).

The Standard & Poor's (S&P) 500 Index closed at 5,434.43, up 90.04 points (1.68%) from the previous day, and the Nasdaq Composite Index closed at 17,187.61, up 407.00 points (2.43%) from the previous day.

Investors cheered as the US producer price index (PPI) for July slowed below expectations.

Most of the big tech companies showed strength.

Nvidia surged 6.53%, and an analysis showed that the worst is over.

Bank of America (BofA) recommended Nvidia as the best stock to invest in if the semiconductor industry rebounds the previous day.

The 'Magnificent 7', consisting of seven major big tech companies including Apple (1.72%) and Microsoft (1.77%), which are ranked first and second in market capitalization, all rose in stock price.

AI and semiconductor-related stocks such as Broadcom (5.07%), AMD (3.19%), Qualcomm (4.04%), Taiwan TSMC (2.81%), Micron Technology (2.96%), and Arm (5.69%) also jumped sharply. The Philadelphia Semiconductor Index, which includes these companies, surged 4.18% on this day.

Dell Technologies shares jumped nearly 5% after Barclays analysts upgraded their ratings on the stock from Underweight to Overweight.

Starbucks shares soared 24.5% on news that Chipotle Mexican Grill hired Brian Niccol as CEO. Expectations for Niccol, who has transformed Chipotle, were driving up the stock.

Chipotle, which lost Niccol to Starbucks, fell 7.5% on the day.

Home Depot, a major retailer, rose 1.23% after its second-quarter sales and earnings per share both beat market estimates.

Sean Osborne, chief foreign exchange strategist at Scotiabank, said the Fed is focusing on the jobs report, saying that inflation is somewhat under control and that ¡°in times of high volatility like this, the market can react more strongly than usual whether the numbers go up or down.¡±

Fed officials remained cautious.

Atlanta Federal Reserve Bank President Raphael Bostic said in public remarks that day that he would like to see ¡°a little more data¡± before cutting the benchmark interest rate, adding that ¡°it would be really bad if we started cutting rates and then had to change course and raise rates again.¡±

However, he added that he is prepared to support a rate cut by the end of this year if the economy performs as expected.

The optimism of small businesses in the United States has risen to its highest level in about two and a half years.

According to the National Federation of Independent Business (NFIB), the Small Business Optimism Index for July rose 2.2 points from the previous month to 93.7. This is the fourth consecutive month of increase and the highest level since February 2022.

Military tensions surrounding the Middle East remain high, but conflict between Iran and Israel has not yet become a reality.

President Joe Biden said on the same day that ceasefire negotiations between Israel and Hamas are ¡°getting more and more difficult,¡± but predicted that Iran would hold off on retaliatory attacks if a ceasefire agreement is reached.

By sector, all sectors rose except for energy, which fell 1%. Technology soared 3% and consumer discretionary jumped over 2%. Healthcare, industrials, materials, and communication services also rose over 1%.

The Chicago Board Options Exchange (CBOE) Volatility Index (VIX) fell 2.59 points (12.51%) from the previous day to 18.12.

/ Reporter Joo Hong-chul jhc@kjdaily.com
ÁÖȫö ±âÀÚ jhc@kjdaily.com
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