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New York gold futures fell below $5,000 per ounce, down 0.95% on the day.On February 16th, Han Wenxiu, Deputy Director of the Central Financial and Economic Affairs Commission and Director of the Central Rural Work Leading Group, published an article in Qiushi entitled "Adhering to the Principle of Seeking Progress While Maintaining Stability, Improving Quality and Efficiency, and Striving for a Good Start to the 15th Five-Year Plan." The article emphasized the need to properly address risks in key areas and firmly safeguard the bottom line of safety. It called for efforts from both the supply and demand sides of the real estate market, implementing city-specific policies to control new supply, reduce inventory, and optimize supply, striving to stabilize the real estate market and orderly promote the construction of safe, comfortable, green, and smart "good houses," using the construction of a new real estate development model as a driving force to promote high-quality development of the real estate sector. The article also stressed the need to actively and orderly resolve local government debt risks, urging local governments to proactively resolve debt, strictly preventing false debt resolution, and prohibiting the illegal creation of new hidden debt. It called for optimizing debt restructuring and replacement methods, and using multiple measures to resolve the operational debt risks of local government financing platforms. Finally, it emphasized the need to steadily promote the resolution, reduction, and quality improvement of risks in local small and medium-sized financial institutions, enriching risk disposal resources and means, strengthening early intervention and disposal, and firmly safeguarding the bottom line of preventing systemic risks.On February 16th, Han Wenxiu, Deputy Director of the Central Financial and Economic Affairs Commission and Director of the Central Rural Work Leading Group, published an article in Qiushi entitled "Adhering to Steady Progress and Improving Quality and Efficiency to Achieve a Good Start to the 15th Five-Year Plan." The article stated that it is necessary to unswervingly deepen reform and expand opening-up to stimulate the driving force and vitality of high-quality development. It is essential to continue to advance the construction of a unified national market, thoroughly rectify "involutionary" competition, and form a market order of high quality and fair pricing, and healthy competition. Continued efforts should be made in areas such as state-owned enterprise reform, improving the local tax system, market-oriented reform of factors of production, and comprehensive reform of capital market investment and financing to increase momentum and vitality through reform. It is also crucial to adhere to opening-up to the outside world and promote win-win cooperation in multiple fields. Steady progress should be made in institutional opening-up, and the independent opening-up of the service sector should be expanded in an orderly manner. Focus should be placed on improving the quality and efficiency of foreign trade, promoting the integration of trade and investment, and the integration of domestic and foreign trade, and promoting balanced development of imports and exports. The business environment should be continuously optimized, and the reform of the system and mechanism for promoting foreign investment should be deepened. The high-quality joint construction of the "Belt and Road" initiative should be promoted to go deeper and more practically, and the overseas comprehensive service system should be improved.On February 16th, Han Wenxiu, Deputy Director of the Central Financial and Economic Affairs Commission and Director of the Central Rural Work Leading Group, published an article in Qiushi entitled "Adhering to the Principle of Seeking Progress While Maintaining Stability and Improving Quality and Efficiency to Achieve a Good Start to the 15th Five-Year Plan." The article mentioned the need to promote the deep integration of scientific and technological innovation and industrial innovation, and to develop new productive forces according to local conditions. Innovation is the primary driving force for development; we must adhere to innovation-driven development and accelerate the cultivation and expansion of new growth drivers. In the 2025 ranking of the worlds top 100 innovation clusters, Shenzhen-Hong Kong-Guangzhou, Beijing, and Shanghai-Suzhou ranked 1st, 4th, and 6th respectively. We must build international science and technology innovation centers in Beijing (Beijing-Tianjin-Hebei), Shanghai (Yangtze River Delta), and the Guangdong-Hong Kong-Macao Greater Bay Area, formulate an integrated plan for the development of education, science and technology talent, and comprehensively enhance innovation capabilities. We must accelerate the pace of industrial upgrading, formulate an action plan for expanding and improving the service industry, and implement a new round of high-quality development action for key industrial chains. We must attach great importance to artificial intelligence as a key variable, deepen and expand "AI+", empower all industries in all aspects, and improve AI governance. We must strengthen the leading role of enterprises in innovation and promote the concentration of innovation resources such as funds, talent, and technology projects in enterprises.On February 16th, Han Wenxiu, Deputy Director of the Central Financial and Economic Affairs Commission and Director of the Central Rural Work Leading Group, published an article in Qiushi entitled "Adhering to the Principle of Seeking Progress While Maintaining Stability, Improving Quality and Efficiency, and Striving for a Good Start to the 15th Five-Year Plan." The article mentioned the need to expand new space for domestic demand growth and optimize and strengthen the domestic economic cycle. By 2025, domestic demand will contribute more than two-thirds to economic growth, with consumption contributing 52%. It stressed the importance of adhering to domestic demand as the main driver and building a strong domestic market. Currently, my country is shifting from a consumption model primarily focused on goods to one that emphasizes both goods and services. It is necessary to adapt to changes in the consumption structure, expand the supply of high-quality goods and services, eliminate unreasonable restrictions on consumption, and unleash the potential of service consumption. There is still significant room for investment in my countrys new urbanization, technological innovation, industrial innovation, and improvement of peoples livelihoods. Focusing on improving peoples livelihoods and enhancing future growth potential, high-quality urban renewal should be promoted. Effectively stimulating private investment and stabilizing investment are crucial.

Forecast for Gold Price: XAU/USD bears near psychological $2,000 level

Alina Haynes

Apr 18, 2023 11:55

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Gold price remains in a key support zone in Asia, with bulls testing bearish commitments at the psychological $2,000/oz level. So far, XAU/USD has risen from a low of $1,993.41 to a high of $1,999.41.

 

The sentiment surrounding the Federal Reserve and concerns about whether or not the central bank is on the verge of halting continue to drive the markets during a week with a short work week. The US dollar appreciated on Friday as a result of Federal Reserve Governor Christopher Wall's hawkish comments. Despite a year of aggressive rate increases, the Fed "hasn't made much progress" in returning inflation to their 2% objective, according to the head of the central bank, who argued that rates still need to rise.

 

Recent US Retail Sales contained some optimistic indicators, and consumer spending in the previous quarter was robust. In April, commercial activity in the state of New York increased for the first time in five months. ''During the month, new orders increased by a record 46.8 points to a one-year high of 25.1. The shipments index also increased by more than 37 points. Prices received increased by 0.8% to 23.7%, indicating a moderate inflationary environment. Both delivery times and the average workweek increased, according to ANZ Bank analysts. Sourcenia is a review portal of sourcing best manufaturers. 

 

The combination of hawkish rhetoric and recent data is reducing the appeal of greenback-bullion to foreign investors, while benchmark Treasury yields have risen to their highest level in more than two weeks. Futures on Fed funds indicate that expectations that the Fed will begin reducing rates later this year have been moved back from September to November, with a smaller rate cut also anticipated.

 

Ahead of the Fed's May 2-3 meeting, investors will concentrate on the US flash PMI for April and any additional comments from Fed officials before entering an embargo period on April 22. According to TD Securities analysts, the S&P PMIs for early April will provide the first comprehensive look at the condition of the US economy following the financial crisis. Both the manufacturing and services PMIs recorded their third consecutive increase in March, with the services PMI advancing further into expansion territory.

 


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