Latest Update in the SMM Gold Market

Economic data released in the U.S. last week reinforced market expectations that the Fed might cut interest rates twice this year. Concerns over potential escalation in geopolitical conflicts have heightened risk aversion sentiment, and the soaring copper futures are spilling over into silver, causing precious metals futures to surge.

Today, silver prices experienced significant fluctuations.

After the opening of last Friday's night trading, the price of silver skyrocketed. The opening price of spot silver was US$29.561 per ounce, an increase of 3.4%; the opening price of domestic silver T+D was RMB 7,650 per kilogram, an increase of 3.2% (as of the time of posting). The price of domestic silver is driven by the price of overseas silver. At the same time, silver is also bolstered by other metals.

Today's spot silver opening price was 27.097 US dollars per ounce. The average ex-factory reference price of SMM1# silver in the morning was 7089 yuan per kilogram.

The Federal Reserve announced that it would maintain the target range for the federal funds rate at 5.25%-5.5%, and would slow down the pace of balance sheet reduction from June.

The API crude oil inventory in the United States for the week to May 3 was announced at 509,000 barrels, lower than the previous value of 4.906 million barrels and the expected value of -1.244 million barrels.

Crude oil stocks in the US went up by 0.509 million barrels in the week ending May 3, after rising by 4.906 million barrels in the previous week, while the market expected a 1.43 million barrels draw.

On May 7, the price of domestic silver began to rise.