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tuchong creative/photos provided by wei shuguang/table creation by peng chunxia/chart creation

after the federal reserve announced a rate cut, international prices continued to rise.

yesterday, the main gold contract of the new york mercantile exchange (comex), which has attracted much attention from the market, broke through $2,656 per ounce and set a new historical high. however, it suddenly fell sharply, causing market concerns.

so, is the high gold price too cold? the agency said that the current gold bulls' belief is hard to change, and data shows that funds are still rushing into the market to increase their investment in gold products.

gold futures-to-spot spread is at a high level

on september 23, the international gold price hit a record high, but then suddenly fell sharply. as of press time, the december contract price of gold in new york was $2,646.2 per ounce, and the price of gold in london was $2,622.29 per ounce. the price difference between the futures price and the spot price was as high as about $24 per ounce.

the price gap between futures and spot is an important indicator of investment enthusiasm. at the end of july this year, the price gap was close to $50 per ounce, a record high since march 2020. today, the price gap has not yet closed, and the net long position in the gold market is still rising.