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The Dow Jones Industrial Average closed down 215.67 points, or 0.45%, at 47,739.32 on Monday, December 8; the S&P 500 closed down 23.89 points, or 0.35%, at 6,846.51 on Monday, December 8; and the Nasdaq Composite closed down 32.22 points, or 0.14%, at 23,545.90 on Monday, December 8.Sources say PepsiCo (PEP.O) will commit to cost-cutting measures in its deal with Elliott Management.On December 9th, the European Central Bank (ECB) urged Rome to reconsider a proposed amendment that would state that the Bank of Italys gold reserves belong to the Italian people. The ECB warned that this move could jeopardize its independence. In a document published on its website, the ECB reiterated its opposition to the proposal. Italy has already amended the amendment twice, with the latest draft explicitly stating that the measure would not supersede EU rules protecting central bank independence. Italy holds the worlds third-largest gold reserves, recorded on its central banks balance sheet. The law stipulates that the Bank of Italy must manage these gold reserves in accordance with EU rules, which prohibit the use of gold for government spending. Members of Italys ruling party have proposed including the amendment in the 2026 budget law. The initial version stated that the central banks gold belonged to the state, but this was later amended to belong to the Italian people.The Trump administration wants airlines and airports to offer healthier food.On December 9th, Paramount Pictures launched a hostile takeover bid for Warner Bros. and released a list of investors supporting the offer. Perhaps the most notable is Affinity Partners, a private equity firm founded by Jared Kushner, the son-in-law of US President Donald Trump. In its filing, Paramount stated that Larry Ellison, father of CEO David Ellison, and RedBird Capital Partners have committed $40 billion in cash guarantees for the acquisition. However, Paramount has also arranged for other investors, including Kushners private equity firm, to share some of the investment. The addition of Affinity Partners adds a new political dimension to the Warner Bros. battle.

Gold Price Prediction: XAU/USD Retraces to $1,800 Prior to US NFP

Alina Haynes

Dec 02, 2022 15:36

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Gold price (XAU/USD) replicates the traditional pre-NFP consolidation pattern as it falls from a four-month high to $1,780 on Friday morning. Consequently, the yellow metal records its first daily loss in four days amid cautious market conditions.

 

Amid sluggish trading hours, recent comments from International Monetary Fund (IMF) Managing Director Kristalina Georgieva seems to have weighed on the XAU/USD bulls in addition to the apprehension around the release of vital US job statistics. "Recession risks are rising for many countries, and the outlook for global growth is extraordinarily uncertain and dominated by risks," stated Georgieva of the IMF.

 

In addition, concerns regarding the deceleration of the Initial Public Offering (IPO) markets may have contributed to the Gold price decline. "A global slowdown in initial public offerings owing to increased market volatility and a regulatory cloud over fresh listings from China has produced pent-up demand that could lead to an IPO boom in 2023," according to industry experts speaking at the Reuters NEXT conference.

 

In addition, the recent comments from New York Fed's John Williams appeared to have tested US Dollar bears and helped Gold sellers, as the policymakers stated that the Fed has more rate hikes to implement.

 

S&P 500 Futures fall 0.30 percent intraday to 4,070, although US 10-year Treasury yields rebounded from a 10-week low to reach 3.53 percent as of press time.

 

Notably, the dovish fears regarding the US Federal Reserve's (Fed) next move, supported by the gloomy Fedspeak and softer US statistics, appear to keep gold bears optimistic ahead of the US jobs report. Forecasts indicate that headline Nonfarm Payrolls (NFP) will likely decrease to 200K from 261K previously, while the unemployment rate is projected to remain steady at 3.7%. It should be noted that a probable decrease in Average Hourly Earnings for the month in question could also weigh on the Gold price.

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