Spot gold held above the $1,660 an ounce mark in Asian trading on Tuesday, after rising more than $40 on Monday. Analysts said the rise in gold prices had renewed the focus on $1,700 an ounce, with some market participants expecting the metal to hit multi-year highs this week. In terms of the global epidemic, the total number of confirmed COVID 19 cases have exceeded 1.34 million, and the total number of confirmed COVID 19 cases in the United States has exceeded 360,000. The United States has become the third country with more than 10,000 deaths after Italy and Spain. In addition, the news that the British prime minister’s condition deteriorated and he was transferred to the ICU attracted the attention of the outside world.
Gold bulls aim for $1,700 mark
Gold prices surged more than 3 per cent to their highest level in more than three weeks on Monday on expectations of a global stimulus to deal with economic losses from a novel coronavirus outbreak.
Spot gold rose as high as $1,668.70 an ounce in the week to $1,660.52 an ounce, up to $43.11, or 2.67 percent.
Governments and central Banks around the world have provided unprecedented fiscal and monetary stimulus and other support to economies hit by the coronavirus pandemic.
Japan will declare a state of emergency in Tokyo and six other prefectures as early as Tuesday to control the spread of the coronavirus. Meanwhile, the Japanese government is preparing to roll out a $990 billion stimulus package to soften the blow to the economy.
Separately, the speaker of the U.S. house of representatives Nancy pelosi told Democrats she wants the next stimulus bill for the new pandemic to be at least $1 trillion.
Last month, the federal reserve announced three emergency measures, cutting interest rates to zero and launching unlimited quantitative easing.
‘gold has successfully reached our first target of $1,644.20 an ounce,’ according to a new article on Tuesday by Economies.com. A break above that level reinforces expectations that gold will continue its bullish trend in the coming sessions. It is now waiting for further gains and testing its next major target of $1703.25 an ounce.
It is important to note that gold remains above $1,644.20 an ounce, the first condition for continued bullish expectations, adds Economies.com.
“Physical demand continues to dominate and support gold prices,” said Phil Streible, chief market strategist at Blue Line Futures. The amount of stimulus has effectively diluted the currency, so gold is facing demand from all sides.”
“We believe the foundation for a multi-year bull market is strengthening as the market is flooded with monetary and fiscal stimulus and interest rates are near zero,” analysts at td securities said in a note. This suggests that investors will continue to seek the warm embrace of gold as global real interest rates fall into negative territory.”
Jesse Felder, a former analyst at Bear Stern, said gold had performed much better than equities in the first quarter of this year and expected the trend to continue.
Jesse Felder is also the publisher of Felder Report. Felder reiterated his bullish long-term outlook for gold. Felder said in a recent report that gold could easily top the 2011 record. Gold hit a high of $1,920 an ounce in 2011.
Felder said gold will continue to be supported by the amount of money being spent to combat the impact of a novel coronavirus on the global economy. “When fiscal deficits rise as a percentage of GDP, gold tends to rise,” he says.
Felder added that gold is an important asset for preserving value in the current economic uncertainty.
The temporary lull in the financial market crisis triggered by the novel coronavirus pandemic prompted investors to return to the gold market, return to safe-haven assets and prepare for a possible second wave, market analysts said.
Phillip Streible, chief market strategist at Blue Line Futures in Stamford, Connecticut, said the bulk of last month’s market panic selling appears to be over.
Financial markets were rattled last month when governments around the world shut down all non-essential businesses and asked people to stay home to slow the spread of the deadly coronavirus. Meanwhile, governments and central banks around the world have poured money into financial markets to support consumers and the global economy.
With the panic over, investors are now focusing on the inflationary threat posed by all the money floating around the financial markets, Streible said.
“I think it’s just a matter of time before gold goes above $1,700 an ounce,” he said.
“The environment is ripe for gold to go up,” said Kevin Grady, President of Phoenix Futures and Options LLC. Grady added that gold will be attractive because he expects stocks to remain in a bear market.
More than 10,000 covid-19 deaths in the us after UK PM transferred to ICU
According to the latest statistics, the total number of confirmed covid-19 cases worldwide has exceeded 1.34 million, and the total number of deaths has exceeded 70,000. The cumulative number of confirmed COVID 19 cases in the us exceeded 360,000, still the most in the world.
Worldometers world real-time statistics show that the global cumulative number of confirmed covid-19 cases exceeded 1.34 million, reaching 1342,372, and the cumulative number of deaths reached 74,558. The United States has the world’s largest number of cumulative confirmed COVID 19 cases, with more than 360,000 cases, 364,086 cases and 10,798 deaths. The United States is the third country to have more than 10,000 deaths, after Italy and Spain.
New York state is the hardest hit state in the United States. In the past 24 hours, 8,658 new COVID 19 cases were confirmed in New York state, bringing the total number of confirmed cases to 130,689, New York governor Andrew cuomo said on April 6. There were 599 new deaths, bringing the total to 4758.
US President Donald trump told a White House news conference on April 6 that experts had learned that the number of confirmed COVID 19 patients in the us would increase significantly in the next week or so, but that “we are ready”.
The U.S. epidemic is still in the “first phase” of testing, and it will take a year to a year and a half for the vaccine to be developed.
Other major overseas countries, Spain COVID – 19 accumulative total of 136675 cases of the patients, Italy has confirmed 132547 cases, Germany has confirmed 103374 cases, confirmed 98010 cases of France, and Iran has confirmed 60500 cases, the diagnosis of 51608 cases, Turkey has confirmed 30217 cases, Switzerland has confirmed 21657 cases, Belgium has confirmed 20814 cases, the Netherlands confirmed 18803 cases, Canada has confirmed 16666 cases.
On the evening of April 6, downing street said Mr Johnson’s condition had deteriorated and he had been taken to intensive care.
According to media reports, Johnson, 55, is conscious and his team recommended that he be transferred to intensive care as a precaution as he may be put on a ventilator to prevent his condition from deteriorating.
British prime minister Boris Johnson has been admitted to intensive care unit after his condition deteriorated, the guardian reported Thursday. Britain’s acting prime minister, foreign secretary mark raab, said the government would continue its work.
Johnson, 55, has been working from home since he was diagnosed with COVID 19 on March 27. But after 10 days in isolation, Johnson still had “persistent symptoms” and fever on April 5, so he followed doctors’ advice to go to the hospital for the first time since his diagnosis.