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The Nikkei 225 index opened down 639.56 points, or 0.97%, at 65,577.23 on Friday, August 21.August 21 – Key Japanese inflation indicators accelerated for the second consecutive month, raising hopes that the Bank of Japan (BOJ) will raise interest rates again soon. Market expectations for action by the BOJ as early as September have strengthened further. Japans core CPI rose 1.8% year-on-year in July, up from 1.6% in June and in line with economists median forecast. Core inflation, excluding fresh food and energy prices – a measure of underlying inflation closely watched by the BOJ – rose 1.9% year-on-year. Overall CPI also rose 1.9%. This acceleration in inflation was partly driven by energy prices. Energy costs rose 0.6% year-on-year in July, reversing a slight decline in June. Weeks ago, BOJ Governor Kazuo Ueda hinted that policymakers might accelerate the pace of monetary policy normalization. With the weak yen continuing to pose upside risks to inflation, investors are increasingly convinced that the BOJ will act next month. This assessment remains unchanged even after US and Japanese officials took rare coordinated intervention in the foreign exchange market at the end of July.On August 21st, it was reported that on August 20th, Wang Xingxing, Chairman, General Manager, and Chief Technology Officer of Unitree Robotics, stated at the 2026 World Robot Conference that Unitree Robotics continues to invest in the field of AI models, which is currently the area where Unitree invests the most funds and human resources. At the conference, Wang Xingxing publicly explained for the first time Unitree Robotics exploration of the concept of "self-evolution of physical AI robots." He stated that while AI has been widely applied to programming and various development processes in recent years, its application in the robotics field remains insufficient. Therefore, Unitree Robotics is promoting the construction of a self-evolution system for physical AI robot models: relying on cutting-edge large-scale models, setting corresponding rules, empirical constraints, and tool boundaries, allowing the model to autonomously search for cutting-edge papers, high-quality research results, and open-source solutions, and automatically generate robot control code.Japans national CPI rose 2% year-on-year in July, below the expected 1.90% and the previous reading of 1.60%.Japans core CPI rose 1.8% year-on-year in July, below the expected 1.80% and the previous reading of 1.60%.

Gold Price Prediction: The XAU/USD pair recovers towards the $1,930 barrier as the US Dollar retreats amid contradictory signals

Daniel Rogers

Jan 19, 2023 15:07

Gold price (XAU/USD) gains bids to trim yesterday's losses, breaking a three-day downtrend, as the US Dollar struggles to defend late Wednesday's corrective bounce off the lowest level since May 31, 2022. Recent remarks by Dallas Federal Reserve (Fed) President Lorie Logan could provide more support for the XAU/USD recovery.

 

In her maiden statement as a Fed representative, Fed's Logan advocated for a slower rate hike pace but also acknowledged the possibility of a higher stopping point, whereas the majority of Fed policymakers appeared bullish on Wednesday.

 

Previously, James Bullard, president of the Federal Reserve Bank of St. Louis, stated that US interest rates must increase further to reduce inflationary pressures. In the same vein, Loretta Mester, president of the Federal Reserve Bank of Cleveland, lauded the Fed's efforts to manage inflation. In addition, the president of the Kansas City Fed, Esther George, stated that the central bank must restore price stability, "which includes reverting to 2% inflation."

 

Notably, the disappointing US data allowed gold markets to restore upward momentum and challenge the Fed hawks. US Retail Sales had a 1.1% MoM decline in December, compared to market predictions of -0.8% and prior readings of -1.0%. This decline was the largest in a year (revised). On the same note, the Producer Price Index plummeted to its lowest level in six months with a -0.5% MoM figure, compared to a -0.1% MoM figure that was anticipated and a 0.2% MoM result from the previous month (revised).

 

In addition, the Bank of Japan's (BOJ) unexpected inaction and diminishing fears of the Federal Reserve's (Fed) aggressive monetary policy activities weighed on United States Treasury bond yields and the Gold price on Wednesday. In spite of the BOJ's inaction on monetary policy and interest rates, 10-year US Treasury bond yields reached their lowest level in four months as of press time, hovering around 3.37 percent.

 

Analysts at Goldman Sachs anticipated greater China development and preferred chances for a rise in energy demand from the dragon kingdom. However, elsewhere, contradictory concerns about China appeared to have hampered Gold purchases. In recent times, though, worries about the US-China friction have outweighed optimism. US Treasury Secretary Janet Yellen and Chinese Vice Premier Liu He met in Germany on Wednesday, which initially bolstered risk appetite with the BOJ's inactivity. However, the diplomats' mention of the disagreements sparked market fears of a new round of friction between the United States and China. Prior to this, the South China Morning Post (SCMP) stated that Beijing'should be cautious' as the United States and Taiwan seek stronger economic ties.

 

In light of these performances, markets remain cautiously hopeful on Thursday, resulting in a Gold price recovery. Mildly bid US stock futures, a weakening US Dollar Index (DXY), and declining US Treasury bond yields could be indicative of market sentiment.


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