On May 7th, the cumulative number of confirmed cases in the United States has exceeded 1.26 million cases, but due to economic pressure, the United States is still restarting economic activities. Trump said that he will not take a large-scale blockade measure. He said this method is not sustainable. .

After the gold futures suffered a setback yesterday, the current day rebounded, but under $ 1,700, from the 1-hour chart, the green kinetic energy bar gradually shortened to disappear, the red kinetic energy bar appeared weakly, and the gold futures were trying to rebound.

On Thursday (May 7), gold futures opened at 1686.0 US dollars per ounce, the highest rose to 1698.4 US dollars per ounce, the lowest touched 1683.9 US dollars per ounce, and as of press time tentatively reported 1694.8 US dollars per ounce, an increase of 0.38%.

More than 1.26 million cases diagnosed in the US Trump: blockade measures unsustainable

More than 1.26 million cases diagnosed in the US Trump: blockade measures unsustainable

Worldometers world real-time statistics show that as of 7:13 on May 7th, Beijing time, the cumulative number of new cases of new coronary pneumonia has exceeded 3.81 million cases, reaching 3812513 cases, and the cumulative number of deaths has exceeded 264,000.

As of 9:05 on May 7, Beijing time, the cumulative number of confirmed cases in the United States reached 12,630,092, making it the country with the largest number of cases in the world, with a cumulative death case of 74,799.

Although the number of cases is still increasing, the United States has begun to reopen its economic activities. On May 6, local time, US President Trump said in the Oval Office of the White House that the New Crown Virus is worse than the Pearl Harbor and 9/11 incidents, but the United States will not take a large-scale blockade because people will not accept this. The measures are not sustainable.

In other countries, 253,682 cases were diagnosed in Spain, 214,457 cases in Italy, 202,359 cases in the UK, 168,162 cases in Germany, 165,929 cases in Russia, 131,744 cases in Turkey, and 101,650 cases in Iran.

Gold futures outlook

Gold futures prices fell yesterday, and the spread between futures and spot prices began to shrink, and gold futures prices also returned below $ 1,700.

The dollar index has strengthened and returned to above the 100 mark. On the other hand, many countries have relaxed restrictions caused by coronaviruses, improved investor interest in risky assets, and reduced demand for gold.

Bart Melek, head of commodities strategy at TD Securities, pointed out that the fall in gold prices may be the result of a combination of two factors. That is, the New York Commodity Futures Exchange (COMEX) has obtained more supply, and as risk appetite increases and the dollar rebounds, the market Gold's interest may decline slightly.

The U.S. gold futures / London spot gold spread narrowed to only about $ 2, as the world ’s two largest gold smelters said they were resuming almost all operations; the six-week shutdown of the smelter hit the global gold supply and helped boost The New York / London gold spread has reached its widest level in decades.

Eugen Weinberg, an analyst at Commerzbank, said that the lack of jewelry demand, coupled with the stock market showing a very positive sentiment at the time of economic reopening, weighed on gold prices.