Global Oil Demand Surges / Gold Prices are Slowly Recovering
Although the recovery of the oil demand is uneven across different economies, the United States and Europe are showing signs of a significant rebound this year, rekindling fund managers' confidence that oil prices still have room to rise above US$70 per barrel. Although discussions on the Petroleum Super Week have subsided in recent weeks, investment banks such as Goldman Sachs are still optimistic about oil and commodities. Goldman Sachs expects oil prices to hit $80 per barrel this summer.
The price of gold is slowly expanding the recovery range, and is constantly hovering when it is nearing the top. It is currently fluctuating around $1,785. Fed policymakers rallied to refuse to reflect inflation concerns, and emphasized that the US economic market is different from the overheating phenomenon that the US Treasury Secretary Yellen pointed out that the Fed needs to announce an interest rate hike. They also explained that there is still a long way to go to reach the goal. U.S. Treasury yields have shown a downward trend for 4 consecutive trading days, coupled with the weak posture of the U.S. dollar, continue to provide support for the price of gold. As of 08:33 Hong Kong time, the price of gold fell slightly by 0.10% to US$1,784.80.
