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According to TASS, Russia and Ukraine may soon conduct a prisoner exchange.The SC crude oil futures contract fell 4.00% intraday, currently trading at 490.00 yuan per barrel.On June 23, Deutsche Bank lowered its gold price forecast by up to 22% as investors grew increasingly cautious about the outlook for Federal Reserve monetary policy and investment demand for the precious metal dried up. Michael Hsueh, a research analyst at Deutsche Bank, wrote in a report that he now expects gold to reach $4,300 per ounce in the third quarter, a reduction of more than one-fifth from his previous forecast; and $4,800 in the fourth quarter, a reduction of 17%. This still implies that gold prices will continue to rise from the current level of around $4,110 per ounce, but the bullish sentiment is significantly weaker than before. Deutsche Bank shifted to a more cautious outlook, following Goldman Sachs move last week, which lowered its year-end gold price target by $500 to $4,900 per ounce. Hsueh stated that the Feds repricing, coupled with resilient US macroeconomic data, were the main factors driving gold prices lower. The banks fourth-quarter target is based on the assessment that the Fed will continue to maintain unchanged interest rates, but if there are three to four rate hikes, gold prices could fall to around $3,800. Continued outflows from gold ETFs indicate that this traditionally supportive factor for gold prices is "significantly absent." On the positive side, the only remaining strong pillar is central bank demand, and we expect this trend to continue for some time.Nasdaq 100 futures fell more than 2%, S&P 500 futures fell 1.08%, and Dow Jones futures fell 0.36%.Sources indicate that Nissan halted development of its electric Qashqai SUV early last year. Even if the project is restarted, the model is not expected to launch until the next decade.

Ahead of preliminary US S&P PMI data, the XAU/USD remains sideways below $2,000, according to our Gold Price Forecast

Alina Haynes

Apr 20, 2023 13:49

 截屏2022-08-04 下午5.25.46_1024x576.png

 

In the early European session, the Gold price (XAU / USD) is exhibiting erratic movements near $1,994.00. The precious metal is in a state of indecision as investors await the release of preliminary S&P PMI data for the United States on Friday.

 

After violent swings influenced by the Federal Reserve's (Fed) Beige Book, the US Dollar Index (DXY) is showing signs of volatility contraction below 102.00. The declining trend of advances to consumer and business loans by U.S. commercial banks has intensified concerns of a recession in the U.S. economy, despite the fact that economic activity in 12 Fed districts remained virtually unchanged. To prevent a decline in asset quality, banks have tightened credit disbursement requirements.

 

In the meantime, S&P futures have recorded sizeable losses during the Asian session, as investors are wary of firms' comments regarding revenue guidance. The market anticipates that constrained credit conditions will impact the working capital management of cash-reliant companies, thereby affecting their output.

 

The market expects preliminary US S&P PMI data to reveal a Manufacturing PMI reading of 49.0, a decrease from the previous reading of 49.9. The Services PMI is anticipated to decrease to 51.5 from 52.6 previously reported.


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