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Japans unemployment rate was 2.5% in May, below the expected 2.50% and the previous reading of 2.50%.On June 30th, according to foreign media reports, international oil prices rose on Monday as weekend clashes between the US and Iran highlighted the fragility of the interim peace agreement. Meanwhile, cautious market expectations for a continued recovery in shipping through the Strait of Hormuz limited the potential for further price increases. Sources said that the technical teams from the US and Iran responsible for implementing the interim peace agreement are expected to meet in Doha, the capital of Qatar, in the coming days. Last Thursday, media reports indicated that the amount of crude oil transported through the Strait of Hormuz had risen to its highest level since the start of the US-Israel war against Iran in late February. However, analysts warned that traffic through the Strait of Hormuz is far from fully recovered, keeping oil prices high. Bob Yageer, head of energy futures at Mizuho Bank, said that people are realizing this. Its impossible to move all the crude oil out of the Gulf in the next week or two, nor is it possible to stuff all the crude oil into the strait to restore pre-war levels.Japans May unemployment rate will be released in ten minutes.Conflict Situation: 1. According to RIA Novosti: The Russian Ministry of Defense stated that Russian troops have taken control of Bokhodalivka in eastern Ukraine. 2. Ukraine reported an attack on Dnipro, resulting in 4 deaths and 10 injuries. Peace Negotiations: 1. Kremlin: (Regarding new Ukrainian peace proposals) Our position, as stated by Russian President Putin in 2024, remains unchanged. Other Situations: 1. The United States removed some entities from its sanctions list related to Russia. 2. According to Interfax: Russian Deputy Prime Minister Novak stated that Russia is still considering imposing a diesel export ban. 3. According to RIA Novosti: Russia will take political and military-technical measures in response to Finlands lifting of the ban on nuclear weapons deployment. 4. Russian Foreign Ministry Spokesperson Zakharova: NATO is cooperating with Ukraine to prepare for the development of weapons capable of striking Russian air bases, including those deep within Russian territory. 5. Zelensky: During the Danish Defense Ministers first visit to Ukraine, the two sides discussed preparations for a "drone agreement," which is nearing completion, and both sides agreed that it should be signed as soon as possible. The new Danish government has pledged to continue its firm support for Ukraine.New York silver futures broke through $59 per ounce, up 0.63% on the day.

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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