Weekly

The COVID-19 epidemic broke out for the second time in many European countries, with France and Spain being the most serious, with more than 1.4 million cases of COVID-19 in France and close to 1.3 million confirmed cases in Spain.

More than 1 million people have been infected in Britain and 550,000 patients have been recorded in Germany. Countries have introduced more severe social isolation measures to prevent the epidemic from worsening. German Chancellor Merkel spoke in response to the epidemic.

Some entertainment venues will be closed, and all services except restaurants and bars will be closed. These measures will be implemented nationwide until December. French President Macron announced that the city was closed again.

More rigorous than last time, restaurants and bars will be completely closed, and non-essential retail stores will also need to be closed. Universities only teach online and encourage work at home, and prohibit people other than God Root Convention countries from entering the territory;

Britain also closed its cities this Thursday, stopping all unnecessary places of consumption until December 2, and warned the public that if the effect is not significant, the epidemic prevention measures will be tightened and extended.

The market is worried that the epidemic and isolation measures will severely hit the European economy. The European Central Bank announced yesterday that it would keep interest rates and quantitative easing policies unchanged. President Lagarde said that due to the rebound of the epidemic, the economic recovery rate was worse than expected.

The central bank will re-adjust its work in December, suggesting that it may provide more liquidity support. Investors tend to be conservative and sell the euro in a big way. The euro fell to a low level within two months against the US dollar;

It is also reported that the Bank of England will decide to increase the scale of asset purchase at the central bank meeting at the beginning of next month, and the plan will be implemented in mid-June next year. Earlier, the Monetary Policy Committee of the Bank of England stated that if necessary,

The Bank of England will further relax monetary and fiscal policies, including negative interest rates to stimulate the economy and maintain expected inflation. In addition, the risk of Brexit has not been removed, and the British pound has fallen against the US dollar.

The COVID-19 epidemic in the United States is also deteriorating. Last week, an average of more than 75,000 new infections were recorded every day. However, the US economic data released last week was ideal. Although Biden repeatedly attacked Trump in public for his ineffective control of the epidemic,

However, the Trump administration obviously pays more attention to economic benefits, and it has become a new normal to work under the epidemic. The GDP of the United States increased by 33.1% in the third quarter, which is a far cry from the retrogression of 31% in the previous quarter. Unemployment in the United States continues to fall,

Last week, 751,000 people applied for unemployment benefits for the first time in the United States. Two economic data confirm that the US economy is recovering well. While the U.S. economy is strong and the U.S. dollar is strong, the president of the European Central Bank has hit the euro zone economy because of the epidemic.

Suggested that in December, the euro dropped sharply, and the US dollar became the best safe-haven option. The US dollar index rose above 94 points and closed at 94.07.

The worsening of the COVID-19 epidemic in Europe and America was beneficial to enhance the safe-haven function of gold. However, with the appreciation of the US dollar, gold continues to be under pressure, and the upcoming US presidential election, there are uncertain factors in the election results.

The gold price started to decline after it closed flat at $1901 last Monday. It once fell to a monthly low of $1860 per ounce, and rebounded to $1878 per ounce last Friday, still losing $23 a week.

A number of important data will be released this week, and the US presidential election will be held on November 3rd. It is expected that the price of gold will fluctuate greatly.

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