European Epidemic Drives Gold Prices Back
into Support
As of 08:32 Hong Kong time before, the
price of gold had not risen and remained at around US$1,733.30. The U.S.
10-year Treasury bond yield rose by 0.33% to 1.665. Gold price maintains
sideways, and is currently hovering around US$1,730 as it was last weekend. As
gold investors continued to buy on dips and sell on rallies, the price of gold
continued to consolidate sideways throughout the week last week, and even went
down. US dollar and U.S. bond yields have not fallen sharply, thus putting
pressure on gold. However, COVID cases number has increased and the epidemic in
Europe has not been alleviated. Germany has also announced that the blockade
measures that originally expired on March 28 will be extended to April 18. In
addition, the Fed’s easing policy is supporting the price of safe-haven gold.
The current trend of the gold price is not clear, so it indicates that
investors are hesitant and there is a high chance of greater volatility.
This Thursday, the oil group and Russia
will meet to discuss changes in oil prices and their details
The oil group and Russia will meet this
Thursday (April 1) to discuss the latest changes in oil prices and review their
production cuts. The market generally believes that the oil group will maintain
a daily reduction of approximately 7 million barrels of oil at this stage.
According to sources in the United Arab Emirates, the oil group will not
increase production at this stage because it is worried that the market will
not be able to bear it, and it is also worried that Iran will have the
opportunity to increase its oil output.
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