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1. International precious metals futures generally closed higher. COMEX gold futures rose 1.30% to $4135.50 per ounce, and COMEX silver futures rose 1.54% to $61.44 per ounce. Cooling expectations of a Fed rate hike, coupled with weak non-farm payroll data, continued gold purchases by global central banks, and a correction in A-shares boosting safe-haven demand, all contributed to the rise in precious metal prices. 2. The WTI crude oil futures contract closed down 0.17% at $68.46 per barrel; the Brent crude oil futures contract fell 0.01% to $71.56 per barrel. Easing geopolitical tensions in the Middle East led to a significant rebound in oil shipments through the Strait of Hormuz, increasing market supply expectations, and prompting several institutions to lower their oil price forecasts. 3. Most London base metals fell. LME aluminum rose 0.23% to $3083.0/ton, LME lead rose 0.16% to $1868.5/ton, LME copper fell 0.10% to $13285.5/ton, LME nickel fell 0.37% to $16295.0/ton, LME zinc fell 0.76% to $3472.5/ton, and LME tin fell 1.50% to $50855.0/ton. 4. The three major U.S. stock indexes closed mixed. The Dow Jones Industrial Average rose 1.14% to 52900.07 points, setting a new record high; the S&P 500 was flat at 7483.24 points; and the Nasdaq Composite fell 0.8% to 25832.67 points. Apple rose nearly 5%, and McDonalds rose more than 4%, leading the Dow Jones gains. The Philadelphia Semiconductor Index fell 5.44%, SanDisk dropped over 14%, and Micron Technology fell over 5%. The Wind US Tech Big Seven Index fell 0.11%, Tesla fell over 7%, and Facebook fell nearly 5%. SpaceX rose nearly 3%. The Nasdaq China Golden Dragon Index fell 1.77%, 21Vianet fell over 10%, and BaWangChaJi fell over 8%. European stock markets closed higher across the board: the German DAX rose 2.16% to 25,580.88 points; the French CAC40 rose 1.65% to 8,474.86 points; and the UK FTSE 100 rose 1.67% to 10,652.87 points. Stronger European stocks were driven by significantly weaker-than-expected US June non-farm payroll data, which led to a reduction in market bets on a Fed rate hike. A comprehensive reform package reached by the German ruling coalition boosted confidence.July 3 – On July 2, 2026, local time, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, held talks with Danish Foreign Minister Rasmussen in Copenhagen. Wang Yi stated that current bilateral relations are maintaining healthy and stable development. China is Denmarks largest trading partner in Asia, and bilateral economic and trade cooperation has yielded fruitful results over the years. China is willing to further expand trade and investment cooperation with Denmark, launch negotiations on a new version of the Green Joint Working Program, and, guided by green cooperation, deepen cooperation in scientific research and innovation, green shipping, and healthcare, while expanding exchanges in education, culture, tourism, youth, and sports, thereby enhancing mutual understanding and friendship between the two peoples and adding new contemporary significance to the China-Denmark comprehensive strategic partnership. Rasmussen stated that Denmark looks forward to maintaining exchanges at all levels with China, continuing open and candid dialogue, exploring the formulation of a new version of the Green Joint Working Program, and promoting exchanges and cooperation in trade, culture, health, education, and other fields.July 3rd - According to CNBC, US President Trump stated on Thursday that AI investment is "larger" than the internet construction of the late 1990s, and total capital expenditure matches this assertion. Goldman Sachs estimated in 2025 that AI capital expenditure would need to reach $700 billion by 2026 to match the peak spending levels of the telecommunications construction boom in the late 1990s. The investment bank predicted in May that AI capital expenditure would reach $765 billion this year and is expected to grow to $1.6 trillion annually by 2031. Regarding chips, Trump stated that he predicts 40% to 60% of chip manufacturing will be located in the United States by the time he leaves office.US President Trump: Micron Technology (MU.O) is a "hot company" run by a "great person".US President Trump: I think Musk will donate SpaceX (SPCX.O) stock to the "Trump account".

Gold Price Forecast: XAU/USD maintains rises above $1,900; downside appears bolstered by robust yields

Alina Haynes

Jan 18, 2023 14:56

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During the Asian session, the gold price (XAU/USD) exhibits a sideways auction profile above the round-level support of $1,900.00. The precious metal is able to maintain a price above $1,900.00. Tom Barkin, president of the Richmond Federal Reserve (Fed) Bank, made hawkish remarks that boosted US Treasury yields. However, the downside appears to be supported by the rising yields.

 

According to Fed officials, the economy has passed the inflation peak, but we are still far from the Consumer Price Index median (CPI). Therefore, a premature retreat from interest rate hikes is undesirable. 

 

Meanwhile, market volatility is increasing as risk-perceived assets lose traction. Futures on the S&P 500 have accelerated their losses, indicating that the risk-aversion theme is gaining traction. A drop in market participants' risk appetite has impacted the demand for US government bonds. This has caused 10-year US Treasury yields to rise above 3.54 percent.

 

In the future, investors will pay close attention to the United States Producer Price Index (PPI) (December) and monthly Retail Sales (December) statistics. According to estimates, the headline PPI (Dec) is anticipated to decline to 6.8%, while the core PPI is anticipated to decline to 5.9%. In addition, monthly Retail Sales statistics may indicate a 0.1% growth as opposed to the 0.6% decrease previously reported. A rise in Retail Sales statistics could increase the likelihood of a rebound in inflation estimates.


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