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The total number of oil rigs in the United States for the week ending May 23 will be released in ten minutes.On May 24, local time on the 23rd, Iranian Foreign Minister Araghchi said that the fifth round of nuclear talks between Iran and the United States was the most professional round of negotiations, Irans position was very clear, and the United States now has a better understanding of Irans position. At present, the United States and Iran have agreed that while the leadership of their respective countries is further deliberating, the Omani Foreign Minister will continue to study the details of his ideas and provide them to both sides for further deliberation. Araghchi said that the time and place of the next round of negotiations will be determined and announced separately. Araghchi also said that the negotiations are complicated and it is impossible to reach a final conclusion in two or three meetings. But the negotiations are now on a reasonable track, which is a progress in itself. He hopes that in the next one or two talks, a solution that will promote progress in the negotiations can be reached to pave the way for a final agreement.Russian Foreign Minister Lavrov: Once the prisoner exchange is completed, Russia will be ready to submit to Ukraine a draft document outlining the conditions for achieving long-term peace.Polish Trade Minister: I believe a good agreement will be reached between the United States and the European Union.Polish Trade Minister: I hope that the trade negotiations between the US and Europe can reach a good agreement that is fair to both sides.

Forecast for Gold Price: XAU/USD seeks another run above $1,825 despite USD recovery

Alina Haynes

Jan 03, 2023 15:14

Gold price is nearing six-month highs while maintaining gains above the major resistance level of $1,825 thus far on Tuesday. The gold price is continuing its recent increase at the start of 2023, despite the general strengthening of the US dollar.

 

Concerns about a probable global economic slowdown, China's covid comeback, and rising inflation are dragging on market mood, hence pushing demand for the traditional safe-haven Gold price. Expectations that the US Federal Reserve (Fed) would continue its tightening cycle this year to combat rising inflation maintain investor mood generally negative.

 

The risk-off movements are also assisting the US Dollar in finding a floor, limiting the precious metal's advance. In addition, US Treasury bond yields ended the final week of 2022 on a positive note, reducing the Gold price's ability to rise.

 

The S&P Global Manufacturing PMI for December, the first relevant US economic data to be issued this year, will provide additional trade impetus. In addition, markets will closely watch the Wall Street opening for further risk sentiment indicators.

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