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The Russian Ministry of Defense stated that it had attacked infrastructure at the port of Mykolaiv in Ukraine and targeted two cargo ships carrying supplies to the Ukrainian Armed Forces, as well as a tugboat used to deploy underwater drones.August 2nd - The China Earthquake Networks Center officially measured a 4.8-magnitude earthquake at 22:31 on August 2nd in Xinghai County, Hainan Prefecture, Qinghai Province (35.34 degrees north latitude, 99.50 degrees east longitude), with a focal depth of 10 kilometers.August 2nd - Data shows that in July, Shanghai saw 2,796 transactions of commercial residential properties (excluding affordable housing), with new residential prices rising 0.96% month-on-month, ranking first in the country. Shanghais land auction market has also maintained high activity this year, with four plots seeing premium rates exceeding 35%. Industry insiders say that the high premiums for core plots highlight the long-term value of Shanghais core areas, and the hot land market is expected to further boost homebuyers confidence. In July, Shenzhens housing market also continued its active spring trend. Data from the Shenzhen Municipal Housing and Construction Bureau shows that in July, Shenzhens new commercial residential property sales reached 3,529 units, a year-on-year increase of 32.7%; second-hand residential property sales reached 4,795 units, a year-on-year increase of 3%, accounting for about 60% of total commercial residential property transactions. From January to July this year, nearly 6,978 new and second-hand commercial apartments were sold in the city, a year-on-year increase of 60.6%.1. Monday: ① Data: Chinas July RatingDog Manufacturing PMI; Switzerlands July CPI (MoM); Frances July Manufacturing PMI (Final); Germanys July Manufacturing PMI (Final); Eurozones July Manufacturing PMI (Final); UKs July Manufacturing PMI (Final); US July S&P Global Manufacturing PMI (Final); US July ISM Manufacturing PMI; US June Construction Spending (MoM). ② Holiday: Toronto Stock Exchange closed. 2. Tuesday: ① Data: US June Trade Balance; US June JOLTs Job Openings; US June Factory Orders (MoM). ② Event: FMS 2026 Flash Memory Summit held August 4-6, attended by storage giants such as Samsung and SK. 3. Wednesday: ① Data: US API crude oil inventories for the week ending July 31; Chinas July RatingDog Services PMI; Frances June industrial production month-on-month; Frances July services PMI final reading; Germanys July services PMI final reading; Eurozones July services PMI final reading; UKs July services PMI final reading; Eurozones June PPI month-on-month; US July ADP employment change; US July S&P Global Services PMI final reading; US July ISM Non-Manufacturing PMI; US EIA crude oil inventories for the week ending July 31; US EIA Cushing, Oklahoma crude oil inventories for the week ending July 31; US EIA Strategic Petroleum Reserves for the week ending July 31. ② Events: Saudi Aramco releases its official crude oil prices around the 5th of each month. ③ Earnings Reports: AMD, SpaceX (Tuesday after US stock market close). 4. Thursday: ① Data: Switzerlands July seasonally adjusted unemployment rate; Eurozones June retail sales month-on-month; US July Challenger job cuts; US initial jobless claims for the week ending August 1; US July global supply chain stress index; US June wholesale sales month-on-month; US EIA natural gas storage for the week ending July 31. ② Event: SoftBank Group releases its Q1 2026 earnings report. 5. Friday: ① Data: Frances Q2 ILO unemployment rate; Germanys June seasonally adjusted industrial production month-on-month; Germanys June seasonally adjusted trade balance; UKs July Halifax seasonally adjusted house price index month-on-month; Frances June trade balance; Switzerlands July consumer confidence index; Canadas July employment change; US July unemployment rate; US July seasonally adjusted non-farm payrolls; US July average hourly earnings year-on-year; US July average hourly earnings month-on-month; US July New York Fed 1-year inflation expectations; Chinas July trade balance in US dollars; Chinas July foreign exchange reserves; Chinas July trade balance. ② Events: 2028 FOMC voting member and St. Louis Fed President Musaleem speaks on the US economy and monetary policy; 2027 FOMC voting member and Richmond Fed President Barkin speaks. 6. Saturday: ① Data: Total number of US oil rigs for the week ending August 7. 7. Sunday: ① Data: Chinas July CPI year-on-year rate.On August 2nd, Abdullah Bandar al-Etabi, Assistant Professor of International Affairs at Qatar University, stated that it is too early to judge the direction of the situation following Trumps latest statement regarding Iran. In this game, neither side has shown any sign of backing down on their respective positions. Taking the Strait of Hormuz as an example, Iran has not softened its stance, and the threat of a wider conflict remains. However, the latest developments have bought more time for diplomacy. There is now more time for Iran to cooperate with regional countries to reach some kind of arrangement on the Strait of Hormuz issue and get diplomacy back on track.

Gold Price Prediction: XAU/USD recovers within the weekly bearish trend, Covid; Treasury yields in focus

Daniel Rogers

Nov 22, 2022 14:56

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Early Tuesday morning, the gold price (XAU/USD) reaches $1,745 for the first daily increase in four. In doing so, the precious metal applauds the wide US Dollar decline during a likely sluggish day preceding Wednesday's crucial data/events.

 

Consequently, the US Dollar Index (DXY) falls intraday by 0.25 percent to 107.55, halting a three-day rally. Recent challenges to the hawkish concerns surrounding the US Federal Reserve are reflected in the dollar's metric, which tracks US Treasury yields (Fed).

 

The US 10-year Treasury yields decline for the first time in four days, falling one basis point to around 3.81% as of press time, as the most recent remarks from Federal Reserve (Fed) members fail to buttress the previously hawkish attitude.

 

In a CNBC interview, Loretta Mester, president of the Federal Reserve Bank of Cleveland, stated, "I think we can ease down from 75 in the December meeting." Previously, Atlanta Federal Reserve President Raphael Bostic rejected the 75 basis point move and challenged the DXY bulls. In addition, October readings of -0.05 for the Chicago Fed National Activity Index, compared to the prior reading of 0.17, posed a challenge to US Dollar bulls.

 

On the other hand, a seven-month high in daily coronavirus cases from China rekindled fears of a supply bottleneck and gave US Dollar purchasers optimism ahead of tomorrow's preliminary monthly activity data and Federal Open Market Committee (FOMC) Meeting Minutes.

 

In addition, the most recent articles from Nikkei Asia imply that China is likely hoarding the metal while selling US Treasury bonds, which gives buyers of gold reason for optimism.