On Tuesday, the international market recovered and gold and silver gained support and stabilized. The lowest international gold price fell to 1,702.97 US dollars, closing at 1,728.10 US dollars, up 0.28% over the previous trading day.
On Tuesday evening, Standard & Poor's warned that it might downgrade the European Credit Financial Stability Facility (EFSF)'s highest credit rating, making the market risk-averse filled with euros falling to a low of 1.3361 against the dollar. Standard & Poor's also said that the results of the EU summit this week will determine whether six countries can maintain their AAA credit rating. Subsequently, German Finance Minister Schäuble said that the S&P warning will help European policymakers work harder to resolve the crisis. Some analysts believe that the S&P’s warning may become a stimulus, prompting EU leaders to take prompt measures at the summit. Therefore, the EU summit to be held in Brussels this Thursday and Friday will attract more investors' attention. The outcome of the summit will have a clearer guide to the market's short-term trend.
There are many economic events this week. In addition to the interest rate decisions of the five major central banks, there are EU summits. At present, the overall market is still dominated by shocks. Before the EU summit on Thursday and Friday, it is difficult to see significant volatility. Silver's callback in the first two days of this week was more like a "fake" because the market generally chose to fluctuate rather than follow. When gold and silver bulls found that the market did not "follow", international gold prices also showed a steady rebound.
On Tuesday evening, Standard & Poor's warned that it might downgrade the European Credit Financial Stability Facility (EFSF)'s highest credit rating, making the market risk-averse filled with euros falling to a low of 1.3361 against the dollar. Standard & Poor's also said that the results of the EU summit this week will determine whether six countries can maintain their AAA credit rating. Subsequently, German Finance Minister Schäuble said that the S&P warning will help European policymakers work harder to resolve the crisis. Some analysts believe that the S&P’s warning may become a stimulus, prompting EU leaders to take prompt measures at the summit. Therefore, the EU summit to be held in Brussels this Thursday and Friday will attract more investors' attention. The outcome of the summit will have a clearer guide to the market's short-term trend.
There are many economic events this week. In addition to the interest rate decisions of the five major central banks, there are EU summits. At present, the overall market is still dominated by shocks. Before the EU summit on Thursday and Friday, it is difficult to see significant volatility. Silver's callback in the first two days of this week was more like a "fake" because the market generally chose to fluctuate rather than follow. When gold and silver bulls found that the market did not "follow", international gold prices also showed a steady rebound.
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