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On June 5th, a Pakistani government official told Nikkei Asian Review, "Pakistan plans to initially establish oil reserves sufficient for 45 days of needs, which can be gradually increased to 90 days in the future." The official revealed that the Ministry of Energy plans to adopt a multi-mode strategic petroleum reserve system, including state-supported emergency stockpiles, industry-mandated stockpiles, and bonded commercial warehousing. Among these reserve systems, bonded commercial warehousing has sparked discussion. This refers to storage facilities under customs supervision where imported oil or other fuels can be stored for re-export by domestic and foreign traders without immediate payment of customs duties and taxes. In case of emergency, these stored fuels can be used domestically in Pakistan. Nikkei Asian Review, citing another informed government official, reported that Pakistan is negotiating with Saudi Arabia, Kuwait, Qatar, the UAE, and China to establish bonded terminals within Pakistan. "Gwadar Port could be one of the locations for such a terminal," the official stated.On June 5th, CME Group CEO Terry Duffy expressed "deep concern" about the rise of so-called "perpetual futures," a type of increasingly popular financial contract that recently received crucial approval from US regulators. Duffy pointed out that "perpetual contracts" offer little practical use for institutional investors while simultaneously exposing retail traders to excessive risk. Duffy stated, "I have serious concerns about the structure of these contracts. I dont want to see people who lack understanding of the product ultimately forced out by contract liquidations; after all, they shouldnt be involved in these types of contracts in the first place."British Prime Ministers spokesperson: Starmer has no intention of resigning.US President Trump: Cuba is facing food shortages and lacks energy and oil.US President Trump: We will reach a trade agreement with India.

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.


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