Gold prices continued to rise early on Tuesday, hitting a fresh high of more than seven years after the international spot gold price breached $1,720 an ounce on Monday (April 13) due to the COVID 19 outbreak and growing concerns about economic growth. On the global epidemic front, the outbreak data of covid-19 at Johns Hopkins university in the United States showed an “error”. The previous data showed that there were more than 2 million confirmed covid-19 cases worldwide. The cumulative number of cases in the United States has jumped by 100,000, to more than 680,000. Johns Hopkins later corrected the data, and the latest data shows that the cumulative number of cases in the United States is still about 580,000, and the number of new cases worldwide is still below 2 million.
International gold prices surged to their highest level in more than seven years
Spot gold rallied sharply on Monday, rising more than 1.5 per cent at one point to its highest level in more than seven years.
Spot gold rose as high as $1,722.60 an ounce in the week to $1,712.66 an ounce, up $23.76 or 1.41 percent.
Spot gold briefly rose in Asian morning trading on Tuesday, breaking above $1,723.30 an ounce, its highest level since November 2012.
Panicking investors, worried about the impact of novel coronavirus on the global economy and U.S. corporate earnings, have rushed to the safe-haven metal, analysts said.
According to an article on Economies.com, gold has rebounded and broken through our main waiting target of $1,703.25 an ounce. Gold remains above this level, which supports the expectation that gold will continue to be bullish in the short to medium term.
Economies.com says its next target for gold is $1,770.00 an ounce. From the 4 hour chart, EMA 50 indicator to the gold price support. Gold above $1703.25 an ounce is the first condition for gold to continue its current rally.
Edward Morse, global head of commodities at Citi Research, said his short-term target for gold was $1,725. Morse expects gold to reach $2,000 between 2020 and 2021.
Many analysts have been comparing gold trading patterns during the novel coronavirus crisis with those seen during the 2008 financial crisis, and expect prices to hit new highs.
Scotiabank, a Canadian bank, has joined the ranks, estimating that the rally will surpass the bull market of 2009-12.
Hareesh V, head of commodities research at Geojit Financial Services, said: “gold has been on an upward trend for the past two to three weeks; “It was mainly a flight to safety, mainly because the global economy could be facing a recession because of COVID 19.”
More than 2 million COVID 19 cases have been confirmed globally, and more than 680,000 cases have been confirmed in the United States
According to the outbreak statistics of covid-19 from Johns Hopkins university in the United States, as of 7:15 on April 14, Beijing time, the global total number of confirmed covid-19 cases exceeded 2 million, reaching 2,019320, and the total number of deaths was 119,483. A total of 682,619 cases were confirmed in the United States, an increase of 104,777 cases compared with the 6:30 p.m. score.
However, Johns Hopkins university later corrected its earlier figures on its website. As of 8:25 on April 14, Beijing time, the global total number of confirmed cases has exceeded 1.91 million, with 1,918,855 cases. In the United States, the total number of confirmed cases has exceeded 581,679, with 23,000 deaths.
US President Donald trump said at a White House briefing on April 13 that he would soon release a novel coronavirus outbreak response guideline.
US President Donald trump on April 11 declared Wyoming a “state of major disaster” for the new outbreak. For the first time in U.S. history, all 50 states, Washington, d.c. and four overseas territories — the U.S. virgin islands, northern mariana islands, Guam and Puerto Rico — are in a “major state of disaster.”
Being granted a “major disaster status” would receive federal aid and allow local governments to exercise emergency powers to protect lives, property and public health after a disaster.
David fauci, director of the national institute of allergy and infectious diseases and a member of the White House task force on the outbreak, said April 12 that more lives could have been saved if the government had acted early in the outbreak of COVID 19 in the United States.
Other major overseas countries, Spain COVID – 19 accumulative total of 170099 cases of the patients, Italy has confirmed 159516 cases, confirmed 136779 cases of France, and Germany has confirmed 129207 cases, the diagnosis of 88621 cases, Iran has confirmed 73303 cases, Turkey has confirmed 61049 cases, Belgium has confirmed 30589 cases, the Netherlands confirmed 26551 cases, Switzerland has confirmed 25688 cases, Canada has confirmed 25552 cases.
In China, 89 new confirmed cases were reported in 31 provinces (autonomous regions, municipalities directly under the central government) and xinjiang production and construction corps from 0:00 to 24:00 on April 13, of which 86 cases were imported from overseas and 3 from local areas (three from guangdong), according to the latest announcement of the national health commission on Tuesday. No new deaths; Three new suspected cases were imported from overseas (2 cases in Shanghai and 1 case in Inner Mongolia).
As of 24:00 on April 13, according to reports from 31 provinces (autonomous regions, municipalities directly under the central government) and xinjiang production and construction corps, there were 1170 confirmed cases (including 116 severe cases), a total of 77738 cured and discharged cases, 3,341 dead cases, 82,249 confirmed cases and 72 suspected cases. A total of 720,544 close contacts and 8,612 close contacts under medical observation were traced.
COVID-19 has a fatality rate 10 times higher than the 2009 H1N1 flu and is more likely to spread in crowded environments, such as nursing homes, who director-general tandeser said on April 13. Cases are doubling every three or four days in some countries.