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Bank of Japan: New board member Ayano Sato will hold a press conference at 8:00 GMT (16:00 Beijing time).As of 8:30 AM Beijing time, spot platinum was up 0.02% and spot palladium was down 0.14%.On June 30th, former Bank of Japan executive director Kenzo Yamamoto stated, "The Bank of Japan is currently in a position where it needs to act quickly." When asked whether the central bank would raise interest rates again in December, as most economists surveyed predicted, Yamamoto said, "Given the current level of monetary easing, the next rate hike is likely to occur before then." Yamamoto pointed out that the banks underlying inflation gauge (excluding special factors such as fresh food and government subsidies) has averaged around 3% over the past four years, well above the central banks 2% target. However, Japans key inflation gauge—the core consumer price index excluding only fresh food—remained at 1.4% in May, mainly due to measures introduced by Prime Minister Sanae Takaichi to alleviate cost-of-living pressures. The Bank of Japan recently stated that price trends remain slightly below 2%. "I would be concerned if the Bank of Japan claimed that its underlying inflation gauge failed to reflect price trends," Yamamoto said. "The Bank of Japan needs to shift its policy focus to curbing inflation."Samsung Electronics is currently up 2%, and SK Hynix is up 1%.June 30th - The British Retail Consortium (BRC) reported that UK food inflation has fallen to its lowest level in 15 months, the latest sign of easing cost pressures that could prevent the Bank of England from raising interest rates. Data released on Tuesday showed that UK food prices rose 2.4% in early June, down from a 2.7% increase the previous month, mainly due to lower inflation for fresh food. Overall retail price increases remained at 1.2%. BRC Chief Executive Helen Dickinson said, "Thanks to a bumper harvest and intense market competition, retailers have helped keep prices for summer treats like strawberries and ice cream low." Private sector surveys and official data showed that overall inflation in the UK economy had been more stable than previously expected before the initial peace agreement between the US and Iran led to a drop in oil prices. Therefore, the market no longer fully expects the Bank of England to raise interest rates this year, whereas previously it had anticipated three to four hikes of 25 basis points each.

Gold Price Prediction - Prices Consolidate Over Juneteenth

Daniel Rogers

Jun 21, 2022 11:19

 截屏2022-06-15 下午4.05.18_1024x576.png

 

Gold prices moved sideways. Because of the Juneteenth holiday, the bond and commodities futures markets were closed, which caused the dollar to weaken. Given the large number of rate rises currently built into the interest rate futures market, the yellow metal's movement will be reliant on the dollar.

 

Gold is valued in dollars, and the lack of movement in the greenback resulted to a directionless yellow metal. The most important news last week seems to be central bank action.

 

Japan's central bank bought a record amount of Japanese government bonds this week to preserve its 0.25 percent restriction on the 10-year note, despite rate increases from both the Swiss and British banks. With the purchase of 81 billion dollars' worth of new bonds, the BOJ provided a stimulant to the Japanese economy.

 

The Swiss National Bank boosted interest rates by 50 basis points, driving the Franc up by 2 percent against the greenback.

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