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South Korean Central Bank announces rate cut to 0.75%, Gold may fall to 6 years ago

South Korean Central Bank announces rate cut to 0.75%

After the special interest rate meeting yesterday, the Central Bank of South Korea announced a rate cut of half a percentage point and lowered the benchmark interest rate from 1.25% to 0.75%, a record low. The central bank stated that in view of the impact of the new coronavirus epidemic on the global economy, it believed that further measures were needed to slow down financial market volatility and reduce its impact on future economic growth and inflation. At present, the number of South Korean new crown virus diagnosis has exceeded 8,000, becoming the country with the largest number of diagnoses outside China. The market is worried that the government's maximum blockade measures will affect the development of the global memory chip and display panel fields, if the supply chain is interrupted or damaged And the global information technology industry.

 

Gold may fall to 6 years ago

Spot gold once fell more than 5% on Monday, refreshing its new low since November 26 last year to 1451.55 US dollars / ounce, due to the global stock market plunge, liquidity demand continues to drive investors to sell gold. Since gold has recently fallen following the stock market due to liquidity demand, as stock market volatility hits a record high, it is expected that gold volatility will also increase. Considering that gold has continuously broken below several key support levels, be wary of gold's oscillating downward trend, which may approach the resistance level of 1375 in the previous 6 years. Follow US retail sales data within the day.




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