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Joint statement: Turkey, Egypt, Indonesia, Jordan, Pakistan, Qatar, Saudi Arabia and the United Arab Emirates condemn Israels settlement policy in Palestinian territories and explicitly reject the "E1" settlement plan.Swiss National Bank board member Tschudin: If inflation requires it, interest rates will be lowered to below 0%.1. S&P Global: The preliminary US Manufacturing PMI for August came in at 53.2, a five-month low; the preliminary Composite PMI Output Index came in at 56.0, a 52-month high; the preliminary Services PMI Business Activity Index came in at 56.8, a 20-month high; and the preliminary Manufacturing Output Index came in at 51.9, a 13-month low. 2. Xinhua News Agency: The latest data from the German Energy Storage Initiative shows that current gas storage levels in German natural gas storage facilities have fallen to their lowest level for the same period since records began in 2011. 3. Data released by the US Department of Agriculture (USDA) shows that private exporters reported selling 712,000 tons of soybeans to China and 720,000 tons of soybeans to unknown destinations, all for delivery in 2026/2027. 205,000 tons of corn were also sold to unknown destinations, for delivery in 2026/2027. 4. According to Mysteels nationwide dynamic full-sample survey of agricultural oil mills, in the 34th week of 2026 (August 15th to August 21st), the actual soybean crushing volume of domestic oil mills was 2.2172 million tons, a decrease of 19,100 tons from the previous week and 67,700 tons lower than the estimated crushing volume; the actual operating rate was 61.05%. 5. According to CCTV Finance, my countrys futures market achieved a significant breakthrough today. The first batch of 600 tons of "No. 20 rubber" standard warehouse receipts from overseas were generated by overseas delivery warehouses and sold through delivery. The delivered "No. 20 rubber" offshore goods will be physically delivered at Laem Chabang Port in Thailand. This is the first time that my countrys futures market has truly achieved on-site delivery overseas, greatly reducing the logistics costs of rubber trade. 6. According to foreign media reports, Indian clean energy officials stated on the 21st that the country is committed to achieving 30 gigawatts (GW) of polysilicon manufacturing capacity by 2030. 7. The Indian government is closely monitoring rising sugar prices. Sugar production this season is estimated at approximately 3.06 million metric tons. Domestic sugar stocks are ample and can meet demand.On August 21, the Philippine Civil Defense Agency (PCA) announced that due to the combined effects of the southwest monsoon and a tropical cyclone, heavy rainfall has caused frequent flooding and other disasters in many parts of the Philippines, with 88 municipalities across the country declaring a "state of calamity." According to the latest report from the PCA, the worst-affected provinces include Pampanga and Bulacan, located in the largest plain area of Luzon Island, which is highly vulnerable to flooding due to continuous heavy rainfall. Official statistics show that more than half of the villages in Pampanga province have been submerged, affecting nearly one million people and causing agricultural losses of approximately 1.4 billion pesos (about US$22.69 million). A "state of calamity" is an official emergency declaration issued by Philippine governments at all levels when faced with severe natural disasters, pandemics, or major crises.According to the Financial Times, Jim ONeill has declined to serve in Prime Minister Burnhams government.

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

Alina Haynes

Dec 08, 2022 15:04

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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.


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