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European Epidemic Drives Gold Prices Back into Support / Oil Group and Russia will Meet This Week to Discuss Changes in Oil Prices


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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