Yes, some analysts pointed out that the three-week stock market sell-off and the sharp drop in oil prices have made gold the best performing asset so far this year. It is expected that the upward trend of gold will remain unchanged for most of this year. But analysts also warned investors to be cautious when volatility is still high.

Contrary to the rise in gold, the price of crude oil has fallen sharply. Due to the end of the production reduction agreement between Russia and the Organization of Petroleum Exporting Countries (OPEC), Brent crude oil price recorded the biggest one-day drop of 1 1 year on March 6. At the same time, the global economic slowdown has also affected energy demand.

Extended data

According to the International Monetary Fund (IMF), the COVID-19 epidemic will reduce the global output growth to the lowest level since the 2008-2009 financial crisis in 2020. On March 3rd, the Federal Reserve cut interest rates by 50 basis points, which is the first time since 2008 to cut interest rates between routine policy meetings, reducing the opportunity cost of holding unprofitable gold.

On March 6th, the yield of 10-year US Treasury bonds fell to 0.70%. On the same day, the most active April gold futures price in the New York Mercantile Exchange gold futures market rose by 4.4 US dollars compared with the previous trading day, closing at 0.26% per ounce 1.672.4 US dollars, and the cumulative increase in the week was 6.79%, which was 201.654,38+0.000, the biggest order since the week of 28.

People's Daily Online-Gold prices rose sharply.