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Trump talks with Putin on phone to discuss global oil supply, Gold long-term direction is supported

Trump talks with Putin on phone to discuss global oil supply

US President Trump and Russian President Putin held a telephone conversation yesterday (30th). The Russian side said that the two exchanged views on the oil market and agreed that officials of the energy departments of the two countries continue to discuss related issues, but did not disclose details. Russia has signaled earlier that it hopes that more countries will participate in balancing the global oil supply. The US side pointed out that the two agree on the importance of stabilizing the energy market. Although the United States intervenes in the mediation of price wars among oil-producing countries, the support for international oil prices is not strong, mainly due to market concerns that the spread of the new coronavirus epidemic will further suppress demand for crude oil.

Gold long-term direction is supported

On Monday, the United States extended the time for the implementation of the restrictive measures. Gold rose slightly, but due to the strengthening of the US dollar and the rise of US stocks, gold subsequently withdrew its gains. However, in recent trading days, fund managers have slightly increased their net long gold positions, while the poor performance of US and European economic data also supported gold prices. However, it should be noted that as the Russian Central Bank announced that it will temporarily suspend gold purchases, and recently due to the interruption of the gold supply chain, some central banks may sell some of their gold, which may put pressure on gold in a short time.

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