U.S. White House economic adviser said GDP contracted by 20% to 30% this quarter
The US White House economic adviser Hasit said that after the necessary industries began to resume operations in the past four weeks, the number of local outbreaks has not increased significantly. I believe that when non-essential industries resume operations, they will be safer. I think the public seems to already know how to resume work safely. However, the White House declined to provide the data that Hasit said. In addition, Hassett predicted that its GDP in this quarter is likely to contract by 20% to 30%, the largest decline since the Great Depression, but it is believed that growth will resume in the third quarter. The speech deepened the market’s longing for the White House’s intention to start the economy as soon as possible.
The price of gold seems to be at a resistance of $ 1,740
In mid-April, when the price of gold slightly crossed this position, the price of gold fell back at the same time. The price of gold hasn’t been able to wear above US $ 1,740, which is believed to be related to the recent slight rebound in US 10-year bond interest. Because holding gold cannot receive interest rates, when the interest rate of U.S. debt falls, the price of gold tends to be favorable. On the contrary, rising U.S. debt interest rates pushed down the price of gold. We are now focusing on the Fed’s interest rate meeting this week to see if the Fed will imply a negative interest rate policy. If the Fed has this hint, it may help the gold price to truly break the $ 1,740 resistance.
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