EUR/USD 1.17088
-0.028%
Gold 4596.18
-0.021%
Oil 96.771
-0.730%
USD/JPY 159.614
0.000%
GBP/USD 1.35138
-0.027%
GBP/JPY 215.702
-0.020%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On April 29th, Niu Li, Deputy Director of the Department of Geological Exploration Management of the Ministry of Natural Resources, stated that during the 14th Five-Year Plan period, my countrys oil production will remain stable at over 200 million tons per year. In 2025, national crude oil production will reach 216 million tons, a record high; natural gas production will exceed 260 billion cubic meters, with annual increases exceeding 10 billion cubic meters for nine consecutive years; among which, shale oil production will exceed 8.5 million tons and shale gas production will remain stable at over 27 billion cubic meters, becoming an important supplement to increasing reserves and production. Total oil and gas production will reach 420 million tons of oil equivalent, playing a vital role in ensuring national energy security.April 29 - Both WTI and Brent crude oil prices continued to decline in the short term, completely erasing the gains since the announcement of Trumps plan to extend the sanctions against Iran. They are currently trading at $100.71/barrel and $103.2/barrel respectively, down about 0.6% on the day.According to Japans Kyodo News, Japanese Prime Minister Sanae Takaichi will depart on Friday for a five-day trip to Vietnam and Australia.Xi Jinping sent a congratulatory letter to the Shanghai Cooperation Organisation Green and Sustainable Development Forum.On April 29th, the Ministry of Civil Affairs and 11 other departments jointly issued the "Opinions on Promoting the Development of Mutual-Assistance Elderly Care Services," clarifying the definition of mutual-assistance elderly care services at the national level and proposing development goals. Mutual-assistance elderly care services refer to voluntary, non-profit elderly care services provided to the elderly through mutual assistance among neighbors or village (community) residents. The Opinions specify that by 2030, the coverage rate of urban and rural community elderly care service facilities with mutual-assistance service functions will be no less than 70%, the work mechanism for visiting and caring for elderly people with special difficulties in townships (streets) will be fully established, mutual-assistance elderly care services will be widely carried out, and the sustainability of services will be significantly enhanced.

Forecast for the price of gold: XAU/USD eases below the $1,804 barrier as Fed hawks back off due to weaker US inflation

Alina Haynes

Aug 11, 2022 11:58

 截屏2022-08-10 上午11.45.08_1024x576.png

 

US inflation-driven gains in the price of gold (XAU/USD) are fading as the metal declines to $1,790 on Thursday during the opening Tokyo session. The recent decline in the price of precious metals may be related to conflicting worries about the US Federal Reserve's (Fed) upcoming actions as well as Sino-American friction.

 

On Wednesday, the US Consumer Price Index (CPI) fell to 8.5% YoY in July, below the 8.7% consensus and the 9.1% reading from June. According to Reuters, US President Joe Biden stated on Wednesday that there are some indications that inflation may be decreasing after the US released its inflation data. In the coming months, there may be more challenges for us to overcome, Biden continued. US President Biden continues, "We still have work to do, but we're on track."

 

Following the CPI report on Wednesday, traders of futures linked to the Fed's benchmark interest rate reduced their bets on a third consecutive 75-basis-point raise at its policy meeting on September 20-21 and now see a half-point increase as the most likely scenario, according to Reuters.

 

Neel Kashkari, president of the Minneapolis Fed, recently stated that the Fed is "far, far away from declaring success" on inflation. Additionally, the decision-maker stated that he hasn't "seen anything that changes" the need for the Fed to raise its policy rate to 3.9% by year's end and to 4.4% by the end of 2023. Charles Evans, president of the Chicago Fed, said in another place that a recession would likely require unfavorable circumstances to occur. Also labeling inflation "unacceptably" high, Fed's Evans

 

Additionally, according to sources cited by Reuters, US President Biden is reconsidering his China tariff policy in light of Taiwan's response, which put the XAU/USD bulls on the defensive.

 

S&P 500 Futures print modest gains near 4,220 by press time against this backdrop after Wall Street rose and US Treasury yields were largely unchanged the day prior.

 

Moving on, the monthly Producer Price Index (PPI) for July and the weekly US Jobless Claims numbers may amuse gold traders. However, in light of recent risk-negative headlines, special focus should be placed on the qualitative variables.

Suggestion