Mainland’s first quarter GDP fell 6.8%
Mainland China’s first quarter gross domestic product (GDP) fell by 6.8% year-on-year, not only worse than market expectations, but also the first negative growth since records in 1992. However, the National Bureau of Statistics expects that GDP will grow by more than 5% annually this year and next, and that if world economic growth returns to normal next year, some of the suppressed economic activities in the Mainland will be released.
United States and Europe started economic recovery
On Thursday, some countries in the United States and Europe gradually relaxed restrictions, which made the market’s expectations for economic recovery heat up, so part of the pressure on gold prices. At the same time, it was reported in the day that the therapeutic effect of ridxivir significantly boosted the market optimism, and the Dow futures rose more than 900 points, which also exerted pressure on the price of gold. However, in general, the impact of the epidemic on the global economy is still difficult to eliminate in a short period of time. In addition, due to the response to the epidemic, the debt pressure of the United States continues to expand. The market expects that the deficit of the United States this year may be more than three times that of 2019, which will also promote the inflow of safe-haven funds gold.
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