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Gold's dip-buying trend likely to continue: Sanwa Securities' Chen
Commodity
Chen of Sanwa Securities expressed the view that the dip-buying trend for gold is likely to continue. Last week, NY gold (December contract) surged on reports of the US Treasury Secretary's buyback of long-term government bonds, closing the week at $4,680.60 per ounce, up 5.48% on the week. On Monday, the 24th, it continued to rise, briefly reaching around $4,730, marking the highest settlement level in about three months. US Treasury Secretary Bessent on the 24th expressed his intention to expand the scope of secondary sanctions on countries that continue to trade with Iran, targeting "all countries," but market reaction was limited. The market is focusing on the July US PCE price index due on the 26th and the Fed Chair's speech at the Jackson Hole conference. According to CME FedWatch, the probability of a rate hike at the September FOMC is about 42%, while the probability of holding steady is about 58%. Buying in gold ETFs is also strong, with SPDR Gold Shares' balance increasing for four consecutive days to 1,049.49 tons. The expected range for NY gold is $4,500 to $4,800, and for domestic gold ETFs, it is 65,000 to 70,000 yen.