Gold price has higher downside risks
On Tuesday, the negative news about the new crown vaccine suppressed the stock market and promoted the safe haven of the US dollar. Moreover, the deadlock in the US economic stimulus plan also drove the rise of the US dollar. At the same time, investors are also concerned that the International Monetary Fund (IMF) slightly raised global economic forecasts. This has weakened the demand for gold asset allocation by medium and long-term investors, causing the price of gold to fall below the 1900 mark under pressure; overall, the downside risk of the gold price in the mid-line has increased significantly.
The Eurozone Economic Status Index has slowed sharply from August and September
The Eurozone Economic Confidence Index (ZEW) unexpectedly dropped to 52.3 in October, which was significantly lower than market expectations and previous values of 72 and 73.9 respectively. However, the current economic conditions index continued to improve to minus 76.6 from the previous value of minus 80.9. The data reflects that although the economic sentiment in the region remains optimistic, it has slowed down significantly from August and September, mainly due to the rebound of the epidemic in the region, the US general election, and the uncertainty of a disorderly Brexit at the end of the year in the UK.
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