EUR/USD 1.04677
-0.153%
Gold 2904.27
-0.407%
Oil 68.626
-0.100%
USD/JPY 149.235
0.103%
GBP/USD 1.26561
-0.165%
GBP/JPY 188.876
-0.039%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Ideal Auto (02015.HK): Since the start of delivery of Ideal L6, the cumulative deliveries have exceeded 220,000 units.Galaxy Entertainment (00027.HK): Net profit for the full year of 2024 is HK$8.76 billion, estimated at HK$9.11 billion; full year revenue is HK$43.43 billion, estimated at HK$43.77 billion.The Hong Kong Exchanges and Clearing Limited (00388.HK) has a net profit of HK$13.05 billion for the full year of 2024, which is estimated to be HK$12.95 billion; the full year revenue and other income is HK$22.37 billion, which is estimated to be HK$22.28 billion.On February 27, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said yesterday that the countrys crude oil production has increased by more than 70% since 2021. The agencys CEO, Engr. Gbenga Komolafe, said that "production has increased from 1 million barrels per day in 2021 to around 1.75 million barrels per day at present." Nigerias oil and gas industry is the core of the economy, contributing 95% of foreign exchange earnings and 70% of government revenue. Komolafe also said that although Nigerias current daily production is 1.75 million barrels, the countrys technical potential is 2.24 million barrels per day. According to him, the commission is working to narrow the gap between actual production and potential. "The potential for increased production is huge, and NUPRC is committed to unlocking every opportunity," Komolafe said.Most of the interbank repo rates rose. FDR001 fell 1.0 basis points to 1.89%; FDR007 rose 5.0 basis points to 2.35%; FDR014 rose 10.0 basis points to 2.35%.

Forecast for Gold Price: XAU/USD pares daily loss over 200-HMA as risk aversion subsides

Alina Haynes

Dec 08, 2022 15:04

 223.png

 

Gold price (XAU/USD) recovers to $1,785 during the first hour of Thursday's Asian session as market participants lick their wounds following a poor opening.

 

The most recent relaxation of the risk-averse sentiment, which originally helped the US Dollar prepare for weekly gains, may be related to news from China. Recently, Shanghai City Authorities announced that as of this Friday, they will no longer require Covid test checks at restaurants and entertainment venues. On the same line, the South China Morning Post (SCMP) reports that Hong Kong will "relax isolation regulations" for infected tourists on the fifth day after their release.

 

Even still, economic slowdown fears and Russia's use of nuclear weapons in its confrontation with Ukraine appeared to weigh on the XAU/USD exchange rate. In addition, Bloomberg released information indicating increased friction between the United States and China as a result of the current measures the United States Congress is attempting to adopt, which in turn threatens the Gold purchasers. Bloomberg reports that the United States is preparing to enact legislation that will change its policy toward Taiwan and restrict the government's use of Chinese semiconductors, steps that are guaranteed to anger Beijing despite President Joe Biden's efforts to reduce tensions.

 

As a result of these moves, the S&P 500 Futures have recovered from the three-week low to approximately 3,935 as of press time. In addition, 10-year US Treasury rates remain passive near 3.45% while trimming yesterday's losses to levels not seen since early September.

 

Ahead of next week's Federal Open Market Committee (FOMC) meeting, the Gold price may experience a period of sluggish performance. Traders may be interested in today's weekly US Initial Jobless Claims as well as Friday's first prints of the Michigan Consumer Sentiment Index and 5-year Consumer Inflation Expectations.


Suggestion