After the interest rate meeting, the Reserve Bank of Australia announced to maintain the interest rate and the target of the 3-year Treasury bond yield rate unchanged at 0.1%, in line with market expectations. The central bank continues to believe that by 2024, employment and inflation will fail to meet the targets, and until real inflation is sustainable within the target range of 2% to 3%, the central bank will not raise interest rates and will maintain a highly supportive monetary policy Until it reaches the standard. However, the central bank raised its forecast for this year’s economic growth from 3.5% to 4.75%. It also pointed out that after the completion of the second round of the US$100 billion bond purchase plan in July, the future direction of bond purchases will be considered.
The price of gold has been revised back to stay above US$1770 because of the lack of risk catalysts to drive the rise. U.S. Treasury Secretary Yellen issued a theory of raising interest rates. Although he has subsequently reiterated that he did not provide any Fed-like advice, it has successfully disrupted market sentiment. The closing of markets in China, Japan and South Korea has made gold buyers hesitant. The U.S. ISM Service Industry Purchasing Managers Index (PMI) reading increased, showing that the U.S. economic recovery has strengthened and optimism supports the gold trend, but the market outlook is still the key to watching the inflation rate data. As of 08:18 Hong Kong time, the price of gold fell slightly by 0.10% to US$1777.30.
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