In many important economies, the lock-down measures are gradually being lifted, but the likelihood of a rapid V-shaped recovery in the economy is relatively slim. According to a Reuters survey of analysts, less than 20 percent expect such a positive scenario. Gold could become more attractive towards the end of the week as a response from the United States to the Chinese government’s security law is expected for Hong Kong by then. However, the speeches by the ECB central bankers Christine Lagarde and Luis de Guindos announced for the morning and the statements by US central banker James Bullard (St. Louis Fed) should also attract increased attention.
Oil price: somewhat weaker last week
The recovery in the oil price stalled as tensions between China and the United States increased (due to Hong Kong). The market players are now eagerly awaiting the weekly report by the American Petroleum Institute on the amount of oil stored (10.30 p.m.). According to a survey of analysts published by Trading Economics, there has been a decline of 2.5 million barrels. In May, the price fluctuations of fossil fuels were relatively “humane”, but this should not hide the fact that the situation on the oil markets remains extremely fragile.