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September 5th - According to a report by RIA Novosti on the 5th, Russian Consul General in Bonn, Germany, Krasnitsky, stated that Germany has demanded that approximately 70 staff members of the consulate leave the country by September 18th. He said Germanys decision to close the Russian consulate is baseless and regrettable. Krasnitsky added that the recent stagnation in Russian-German relations is entirely Germanys responsibility. He concluded that Germanys decision to close the consulate demonstrates its attempt to further escalate tensions between the two countries.September 5th - Three sources revealed that the White House has begun reviewing potential candidates to succeed the Deputy Secretary of Defense, suggesting that the Pentagon, already facing unusually high personnel turnover, may see further leadership changes in the future. According to two of the sources, this process began in June, during which consultations were held with senior senators to determine whether the nominee had sufficient support for confirmation. One source also indicated that the review was still ongoing as of the end of August. All three sources stated that no decision has yet been made to dismiss the Deputy Secretary of Defense. They did not explain why the White House is reviewing potential successors, nor did they specify which candidates are being considered.Market news: The Seattle Times and Newsday filed a lawsuit against OpenAI and Microsoft (MSFT.O) on Friday, accusing the two tech companies in federal court of copying their newspapers news reports without permission to train their artificial intelligence systems.September 5th - A massive explosion occurred at a military camp in Biáccha, Bolivia, on September 4th, local time. Local health authorities reported that the explosion has killed between 10 and 15 people and injured dozens.On September 5th, the Chongqing Municipal Development and Reform Commission issued the "Several Measures of Chongqing Municipality to Encourage Foreign-Invested Enterprises to Reinvest in China" (hereinafter referred to as the "Measures"). The Measures propose 16 policy measures from three dimensions—guiding foreign investment, facilitating investment and operation, and improving support levels—in accordance with the principle of equal treatment for domestic and foreign investment. The Measures encourage and guide foreign investment to participate in the construction of Chongqings "33618" modern manufacturing cluster system, focusing on industries such as intelligent connected new energy vehicles, next-generation electronic information manufacturing, and advanced materials, to promote the strengthening, supplementation, extension, and expansion of the industrial chain. The Measures also implement the "complete elimination" of foreign investment access restrictions in the manufacturing sector, ensuring that eligible foreign-invested enterprises reinvesting in manufacturing projects in China enjoy the same level of support and resources as key municipal industrial projects, based on the principle of equal treatment for domestic and foreign investment.

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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