The UK Extends the Stamp Duty Reduction Plan to Revitalize the Property Market / Optimistic Market Conditions Support Gold Prices

According to the latest survey report of the British mortgage company Halifax, the local average property prices in March increased by 1.1% and 6.5% respectively month-on-year and year-on-year. Its annual growth in property prices is the strongest in the past 4 months. UK property prices strengthened again in March, mainly because the British Finance Minister announced in his March budget that he extended the stamp duty reduction plan that ended at the end of March to September this year, thus once again stimulating buyers to buy in the market. Building, and pushed up property prices.

Before the end of last week, the price of gold faced setbacks from the stabilization of U.S. bond yields and the U.S. dollar index. The beginning of this week was also determined to be under pressure on a short position. However, as the Federal Reserve continued to release dovish messages, Fed Chairman Powell’s speech again boosted the optimistic fundamentals, emphasizing that the US economy is approaching an inflection point and the job market momentum will increase in the next few months. The geopolitics of China and the United States are showing a brand-new situation. The senior government officials of US President Biden will go to China for the first time to discuss cooperation with their counterparts on climate change issues. The market’s optimism will strongly support gold and avoid the long-lasting and unbearable situation of falling short. As of 08:24 Hong Kong time, the price of gold had fallen by 0.10% to US$1,742.40.

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