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August 16th - According to reports from Australia on the 15th local time, the New South Wales government will launch a gun buyback program. This is the latest measure to tighten gun control in the state following the Bondi Beach shooting in Sydney last year. The program is scheduled to launch on November 2nd, making New South Wales the first state in Australia to implement such a program. It is estimated that approximately 50,000 gun license holders will be affected by the new regulations, involving about 274,000 firearms. Under the buyback program, compensation standards for different types of firearms range from AUD 450 to AUD 1,000 per weapon (approximately RMB 2,150 to 4,780), with a maximum compensation of AUD 10,000 per weapon (approximately RMB 47,800) for some high-value firearms.The China Earthquake Networks Center officially reported that a magnitude 2.8 earthquake occurred at 00:07 on August 16 in Renshou County, Meishan City, Sichuan Province (29.77 degrees north latitude, 104.25 degrees east longitude), with a focal depth of 7 kilometers.On August 16th, the port authority of Mocha, Yemen, announced on Saturday that the port had suspended commercial and maritime operations following an attack by Houthi rebels that fired more than 25 missiles. The port authority official stated at a press conference that the attack resulted in seven deaths and estimated damages of $16 million. Mocha is a Red Sea port located near the Bab el-Mandeb Strait, a strategic chokepoint connecting the Red Sea and the Gulf of Aden and a vital international shipping route. The port is controlled by forces supporting the internationally recognized government of Yemen. Its cargo capacity is smaller than that of Yemens main ports, Aden and Hodeidah.The head of the port of Mocha in Yemen said that the port of Mocha in Yemen ceased operations after the Houthi attack.Domestic News: 1. Total box office revenue (including pre-sales) in August 2026 exceeded 3 billion yuan. 2. From January to July, the national railway system transported 2.8 billion passengers. 3. Unitree Robotics IPO: Grey market trading is based on rumors, and the underlying risks should not be underestimated. 4. Ministry of National Defense spokesperson Jiang Bin answered reporters questions regarding Japanese political figures visits to the Yasukuni Shrine. 5. Ministry of Foreign Affairs spokesperson answered reporters questions regarding Japanese political figures visits to the Yasukuni Shrine, which enshrines Class A war criminals. 6. Minor adjustments to the policy on home purchase replacement for non-Shanghai residents and overseas individuals? The Shanghai Real Estate Transaction Center hotline stated that no new policy has been introduced. International News: 1. Death toll from the Indonesian earthquake rises to 47. 2. Iran and Tajikistan sign a long-term oil cooperation agreement. 3. Hungarian Prime Minister: Ship sinking operations have begun to raise water levels to ensure the operation of nuclear power plants. 4. It is reported that Nvidia has reduced its plan to provide $250 billion in guarantees for OpenAI data centers. 5. Sources: Significant differences exist regarding core interests, leading to a stalemate in Canada-US tariff negotiations. 6. Sources: Anthropic expects revenue to reach $190 billion to $200 billion by 2028. 7. Middle East Situation—① Iranian Foreign Minister: Iran has not yet decided whether to resume negotiations with the US; it has no intention of extending the ceasefire agreement. ② Iran and Oman have reached an agreement on shipping routes through the Strait of Hormuz. ③ Houthi rebels claim Saudi Arabia attacked Saada province in northwestern Yemen. ④ Saudi media: The Yemeni military vowed to respond to the Houthi attack on the port city of Mocha.

Forecast for Gold Price: XAU/USD sellers near $1,955 confluence as yields recover amid banking and growth concerns

Alina Haynes

Mar 27, 2023 14:38

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Gold price (XAU/USD) falls $1,970 over the course of a two-day losing trend preceding Monday's European session. In doing so, the precious metal justifies the most recent revival in US Treasury bond yields and the US Dollar, while extending yesterday's U-turn from the key resistance zone.

 

As First Citizens bank agrees to purchase a sizable portion of Silicon Valley Bank, dwindling banking jitters may also be a factor. (SVB). In recent days, the XAU/USD has been weighed down by hawkish Fed comments, the pace of China's growth, one of the world's largest Gold consumers, as well as primarily US data.

 

Kristalina Georgieva, the head of the International Monetary Fund (IMF), cautioned that "risks to financial stability have increased," prompting an investigation into Gold sellers. On the same vein, Minneapolis Fed President Neel Kashkari voiced concerns about an impending US recession.

 

US Dollar Index (DXY) prints a three-day uptrend near 103.12 as traders prepare for important inflation data on Friday, specifically the US Core Personal Consumption Expenditure (PCE) Price Index for February.

 

In spite of this, 10-year US Treasury bond yields increased by two basis points to 3.40 percent, while their two-year counterpart ended a three-day losing trend close to 3.85 percent as of press time.

 

Moving forward, the Gold price remains on the bears' radar due to the failure of traders to overcome the critical resistance and the month-end consolidation. However, Friday's release of the Fed's favored inflation gauge becomes crucial for XAU/USD traders seeking direction.