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May 30th - According to an AFP report on May 29th, Iranian state media reported on the 29th that Iranian authorities are preparing a "grand" funeral for the countrys assassinated former Supreme Leader Ali Khamenei. The funeral had been long postponed due to Irans war with the United States and Israel. Although the specific date is still uncertain, Iranian state television quoted Mohsen Mahmoudi, head of the Islamic Propaganda Coordination Committee, as saying, "A special headquarters has been established to prepare for the funeral, and various departments are currently making preparations and arrangements." Ali Khamenei, who led Iran for more than 30 years, was killed in the first wave of US-Israeli attacks that began on February 28th. His son and successor, Mojtaba Khamenei, was also injured in the attacks and has not made a public appearance since taking office.May 30th - According to recent reports from Japan, the Cabinet Office has released the latest statistics showing that the Ministry of Defenses machinery manufacturing orders for fiscal year 2025 will reach nearly 2.69 trillion yen, roughly tripling in the past five years. This accounts for nearly half of the governments public service orders totaling approximately 5.53 trillion yen for fiscal year 2025. It is understood that increased orders for equipment such as surface-to-air missiles and aircraft have driven up the total value of the Ministry of Defenses machinery manufacturing orders for fiscal year 2025.On May 30th, it was reported that on May 29th, Zhang Zhigang, Chairman and Party Secretary of the State Grid Corporation of China, and Zhang Wenfeng, General Manager and Deputy Party Secretary, held talks with Qian Chaoyang, Chairman and Party Secretary of China Southern Power Grid Co., Ltd., at the companys headquarters. Both sides stated that State Grid and China Southern Power Grid share common responsibilities in ensuring energy security, promoting energy transformation, building a strong energy nation, and serving the overall economic and social development. They agreed to focus on the 15th Five-Year Plan and further strengthen communication and deepen cooperation in areas such as technological innovation, policy recommendations, mechanism building, the electricity market, and industrial innovation to better promote high-quality development of the energy and power sector.May 30th - Data released today by the National Energy Administration shows that in April, my country issued 237 million green electricity certificates, of which 74.85% were tradable. In April, 71.1 million green certificates were traded nationwide, including 29.72 million green certificates traded for green electricity.On May 30th, it was reported that the U.S. 24th Marine Expeditionary Unit announced on the 29th that it had officially assumed command of the U.S. Southern Commands area of responsibility—specifically, the waters surrounding Latin America. According to the announcement, the unit has deployed over 1,300 Marines and sailors and has completed the handover from the previously deployed 22nd Marine Expeditionary Unit.

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.