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September 8th - According to a statement released today (September 8th) by the Saudi Ministry of Energy, multiple energy and utility facilities in the country have been attacked by Houthi rebels in Yemen, resulting in fires at several locations and temporary disruptions to operations at some facilities. The Saudi Ministry of Energy stated that it is working to ensure the safety of facilities, personnel, and operational continuity. Earlier today, the Saudi-led coalition in Yemen stated that Houthi rebels attacked civilian and economic facilities in Abha, Khamis Mushait, Najran, and Jizan, injuring 73 people. The coalition stated that it will respond decisively to the Houthi attacks.According to Saudi media outlet Alhadath, Saudi Arabia stated that it will not take any attacks against its territory and resources lightly and will handle them in accordance with international law. Saudi Arabia emphasized the need to demand that the Houthi rebels cease all forms of escalation and actions that threaten maritime safety.China Passenger Car Association: Tesla exported 36,119 China-made cars in August.Futures Commentary by Everbright Futures: On September 7th, COMEX gold continued its sideways trading, closing at $4452.0 per ounce, down 0.55%. Domestic SHFE gold futures continued to hover around 960 points in the night session, closing at 954.1 yuan per gram, down 0.04%. 1. News: The US-Canada trade war escalated, with Canada planning to impose tariffs ranging from 15% to 50% on hundreds of US goods on Tuesday. Trump threatened to ban the sale of Bombardier aircraft in the US. Geopolitically, Saudi Aramco oil facilities were attacked again, and traffic in the Strait of Hormuz fell to its lowest level since May. Regarding central banks, Chinas gold reserves at the end of August were 76.73 million ounces (approximately 2386.57 tons), an increase of 650,000 ounces (approximately 20.22 tons) month-on-month. The Peoples Bank of China has increased its gold holdings for the 22nd consecutive month. 2. CME data shows that interest rate hike expectations are still rising. If the FOMC does raise rates in September, it will mark a reversal of the policy tone of the easing cycle that has been in place since 2024. However, given the influence of US Treasury bonds, a rate hike would essentially mean that market expectations have been met. Nevertheless, with interest rate hike expectations fluctuating, there is significant uncertainty surrounding the September Fed meeting, and price performance may also be volatile. The US August PPI and CPI data will be released successively from September 10th to 11th, which may provide strong guidance for the Feds interest rate decision, and the market may experience increased intraday volatility around these data releases.Sri Lankan Ceylon Petroleum executives: In addition to WTI and Siberian Light crude, they are testing Sahara blends to diversify their refining feedstock sources.

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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