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In response to the global ravages in novel coronavirus, the market was worried about the outbreak of the community epidemic, which would drag down the global economic growth and eventually forced the G7 to intervene in the market together.

To provide sufficient liquidity for the market, central banks of various countries started a wave of interest rate cuts. Australia, the Federal Reserve and Canada successively cut interest rates last week. This week they went to the European Central Bank to discuss interest rates.

I believe it will also follow the trend of lowering the interest rate for savings. The global interest rate fell and gold price rose as scheduled. On Monday morning, it jumped to 1700, a seven-year high.

On the other hand, the oil group talks broke down, Saudi Arabia lowered the prices of a number of refined oil products, the oil price dropped by more than 20%, and the market sentiment was further aroused. The global stock market continued to decline, and funds were seeking a way out.

Turn to the safe-haven market to avoid risks. Gold price and Japanese yen are still in good demand.

Investors are worried that the epidemic will affect the economic downturn and short-term industrial demand will drop, which has continued to put pressure on oil prices. The oil group led by the sand is even quarrelling with Russia.

OPEC failed to reach a consensus on a cut in output. Sandland slashed the prices of major petroleum products. The market was also worried about the ensuing price war. new york and Brandt oil fell more than 20% on Monday.

Panic caused the global market to fall even further. Dow Jones futures fell more than 1,000 points on Monday morning, unchanged from the previous two weeks of continuous decline.  Money Seeks Shelter, Gold Price Rushes to Thousand Seven Pass,

The Japanese yen also rose to a 16-year high of US$ 101.

The global financial market was unstable and the G7 was forced to take action. Following the 2008 financial tsunami, the G7 financial leaders took another joint action to rescue the market. They held a conference call last week to ensure sufficient liquidity in the market.

It also shows that the interest rate is a feasible measure to support the market.  The Australian Central Bank, the Federal Reserve and Canada also lowered their interest rates one after another. The Federal Reserve even cut interest rates by half a percentage point ahead of the mid-month meeting.

Although the recent economic data of the United States are not weak, they do not help the US dollar to rise. The stock market is also limited to rebound and has not changed its weakness.  See U.S. Labor Department Data Ideal Last Friday,

Unemployment rate fell to a 50-year low, non-agricultural activities also rose to 270,000 person-times. Gold prices briefly shook to 1640, but then saw the dollar weaken again, hitting a new intraday high last Friday.

On Monday, it broke through the 1700 mark to reach a seven-year high.  Looking ahead, thanks to the low-interest environment around the world, the gold price has not changed greatly. This week, the European Central Bank discussed interest rates and expected to lower the savings rate.

The cost of holding gold by investors has dropped. After the gold price struggles at the 1700 mark, it will rise to a new high. Technically, gold price should only be bought at the same time and cannot be estimated at the top of the market.