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On July 10th, MiniMax founder and CEO Yan Junjie released an internal letter to all employees, responding to recent market fluctuations and emphasizing that the companys long-term direction remains unchanged. In the letter, Yan Junjie announced that, effective immediately, until the company achieves its AGI (Automatic Group Index), he will no longer receive any salary from the company. Over the next four years, he will allocate 4% of his personal shares—equivalent to 4% of the companys total share capital—to incentivize team members who have worked alongside the company and created value together; he will also allocate 1% of his shares to establish a special fund to continuously support the development of related open-source communities.Newly listed stock N Torrance surged over 1000% in early trading, triggering a temporary trading halt.As of 09:31 Beijing time, WTI crude oil futures rose 0.40%, and US natural gas futures rose 0.17%.On July 10th, Japanese Economy and Fiscal Policy Minister Minoru Jonouchi stated on Friday that the government would never pre-convey its preferences regarding how the central bank should set interest rates, thus mitigating market concerns about political interference in monetary policy. This followed a draft economic blueprint stating that "appropriately guiding monetary policy to achieve a stronger economy is very important," which exacerbated market concerns that the dovish government of Prime Minister Sanae Takaichi might pressure the Bank of Japan to postpone interest rate hikes. The draft also mentioned a legal provision requiring the Bank of Japan to align its policy decisions with the governments economic agenda, but did not mention another provision ensuring its legal independence from political interference. At a press conference, Jonouchi stated, "The governments specific monetary policy measures are determined by the Bank of Japan, and this position remains unchanged." He pointed out, "The government will never pre-convey its views to the Bank of Japan on matters such as the timing and magnitude of interest rate hikes, or the direction of monetary policy." However, he added that the government and the Bank of Japan "should obviously" share an understanding of the economic, price, and financial situation.Oil-themed funds opened lower, with the Global Oil and Gas Energy LOF falling more than 3%, the Harvest Crude Oil LOF falling more than 2%, and the E Fund Crude Oil LOF, Southern Crude Oil LOF, and Oil Fund LOF all falling more than 1%.

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

 截屏2022-06-07 下午5.15.32.png

 

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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