Business News Asia
YLG Bullion and Futures Co., Ltd., a futures exchange broker, has reported that the price of gold has risen by 6% at the beginning of the year, opening at around $1,823 per ounce. The main factor supporting this increase is China’s growing purchasing power as the country reopens, which has helped strengthen the yuan and put pressure on the dollar. Additionally, expectations that the Federal Reserve will slow interest rates have also contributed to the upward trend.
YLG predicts that this upward direction for gold will continue for most of the first quarter. The Chinese New Year has also added to the bustling gold market. Furthermore, central banks have continued to accumulate gold since the third quarter of 2022, supporting the market and allowing gold to hold high prices even amidst periods of adjustment.
In partnership with CME Group, the largest futures exchange in the US, YLG is now offering a complete portfolio of investment options to futures investors, including commodities, currencies, stocks, and digital assets.