EUR/USD 1.17747
0.156%
Gold 3334.89
0.269%
Oil 65.635
-1.022%
USD/JPY 144.562
-0.237%
GBP/USD 1.36511
-0.031%
GBP/JPY 197.337
-0.256%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On July 6, the two-day 17th BRICS Summit officially opened in Rio de Janeiro, Brazil. The theme of this meeting was "Strengthening Global South Cooperation and Promoting More Inclusive and Sustainable Global Governance", focusing on six major topics, covering key areas such as global health, trade, investment and development financing, addressing climate change, artificial intelligence governance, reform of the global security architecture, and the construction of the BRICS mechanism itself.UK Maritime Safety Agency: Received reports of an incident 51 nautical miles south-southwest of Hodeidah, Yemen, where the vessel has been surrounded by multiple small craft which opened fire with small arms and self-propelled grenades.On July 6, Musk posted on the social platform X, "When and where should we hold the first convention of the American Party? It will be very interesting!" Earlier, due to dissatisfaction with Trumps "Big and Beautiful" bill, Musk announced the establishment of the "American Party" on the 5th, which attracted attention. According to the New York Times, an insider revealed that Musk has discussed plans to establish a new political party with friends in recent days.Saudi Arabia set the official selling price of Arab Light crude oil sold to Asia in August at a premium of $2.20 per barrel over the Oman/Dubai average price.July 6, the Russian Ministry of Defense reported on the 6th that in the past night, the Russian air defense system shot down and intercepted 120 Ukrainian drones, including 30 in Bryansk Oblast, 29 in Kursk Oblast, 18 in Oryol Oblast, and 17 in Belgorod Oblast. The Ukrainian Air Force reported on the 6th that since 20:30 local time on the 5th, the Russian army has launched 4 S-300 air defense missiles and 157 drones at Ukraine. As of 8:30 a.m. local time today (6th), the Ukrainian army has shot down a total of 117 drones through firepower and electronic warfare suppression.

Gold Price Forecast: XAU/USD views $1,800 as upbeat US labor market fuels hawkish Fed wagers

Alina Haynes

Mar 09, 2023 13:55

27.png 

 

Gold price (XAU / USD) appears vulnerable above $1,810.00 as the upside appears constrained by rising Federal Reserve rate expectations (Fed). The precious metal is anticipated to resume its decline as strong United States Employment data reported by Automatic Data Processing (ADP) has confirmed that January's strong consumer spending and higher payrolls were not a one-time blow to the Consumer Price Index's decline (CPI).

 

S&P500 futures have given up the slight gains they made on Wednesday during the Asian session. As China's CPI and Producer Price Index (PPI) figures indicate deflation, the risk-aversion theme has intensified. The US Dollar Index (DXY) has maintained a sideways trend above 105.20 as investors await the publication of US Nonfarm Payrolls (NFP) data for fresh direction signals. The alpha provided by 10-year US Treasury bonds has risen above 3.98 percent.

 

The official US Employment data is expected to indicate a decline in the payrolls to 203K from the former release of 514k. A figure of 203K is not as terrible as January's 514K figure, but it appears insignificant in comparison. Investors should be aware that a figure of 514K in the last seven months was exceptional.

 

Aside from that, it is anticipated that the unemployment rate will remain at a multi-decade low of 3.4%. The Average Hourly Earnings are expected to ascend to 4.8% on an annual basis. Household income may increase consumer expenditure. Jerome Powell, the chairman of the Federal Reserve, has already confirmed that the Fed will increase interest rates in order to reduce inflation.


Suggestion