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August 1st - According to a report by Sky News today (August 1st), FIFA President Gianni Infantino has "abandoned plans to sell a stake in FIFA events, including the World Cup." The report stated that Infantino said, "After carefully listening to all parties, I realize that this project has caused serious divisions. Regardless of the level of support, this situation no longer aligns with our original objectives. Our principle has always been—and always will be—to unite all parties and pursue progress. Therefore, this proposal will no longer be pursued." The statement also said that Infantino "plans to convene all stakeholders for renegotiation in the coming weeks and months, based on a shared concern for football, to commit to the continued development of football globally, especially to provide more support for the development of football in those countries that need it most."According to RIA Novosti, Russian air defense forces shot down more than 21,000 Ukrainian drones over Russian territory in July.According to the Financial Times, Federal Reserve Governor Musaleem said he favors raising interest rates.According to the Financial Times, Federal Reserve Chairman Mossallem stated that the bond sell-off is a warning sign of the Feds credibility.According to Tasnim News Agency, a senior Iranian security official stated that Iran considers the potential US and Israeli plans to attack Iranian infrastructure to be a reckless act. Iran has developed a comprehensive plan that includes targeting critical Israeli infrastructure, as well as US energy infrastructure in the region.

Forecasts for the price of gold: XAU/USD remains below $1,800 despite worries about the economy and optimism in China

Alina Haynes

Dec 07, 2022 14:52

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The current difficulty of the yellow metal to find direction increased as China's trade surplus decreased in November as both imports and exports fell during the aforementioned month. The gradual increase in US Treasury yields amid worries of a global economic downturn is on the same track.

 

It's important to note that numerous eminent business leaders and bank executives have recently expressed concern about a possible worldwide recession. Bloomberg Economics made comments along the same lines.

 

However, the gold price appears to be supported by China's willingness to announce responsible fiscal and monetary measures as well as indications that the three-year-old Zero-Covid policy may be progressively abandoned.

 

US stock futures post modest gains amid these plays, but stocks in the Asia-Pacific region trade in a mixed bag. However, during the pre-FOMC blackout, hawkish bets on the Fed's upcoming action were not supported by US inflation predictions.

 

Ahead of Thursday's China inflation data and Friday's preliminary US Michigan Consumer Sentiment Index readings, gold traders may find some amusement in China's probable risk-positive statements and secondary data.

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