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On January 12, Sergio Gor, the newly appointed U.S. Ambassador to India by the Trump administration, stated that the United States and India are close partners and will resolve their differences, including the long-delayed trade agreement. Officials from both countries are scheduled to speak by phone on Tuesday to discuss the agreement. India was among the first countries expected to sign an agreement with Washington last year, but the two sides have so far failed to reach an agreement on outstanding issues. Speaking on his first day in office at the U.S. Embassy in New Delhi on Monday, Gor said, “True friends may have disagreements, but they will eventually resolve them. We continue to engage actively; in fact, the next trade dialogue will take place tomorrow. Remember that India is the world’s most populous country, and pushing an agreement into place will not be easy, but we are determined to achieve our goal.”On January 12th, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) recently organized a series of special symposiums. Led by Zhang Yuzhuo, Secretary of the Party Committee and Director of SASAC, and chaired by other SASAC leaders in groups, the symposiums aimed to gather opinions and suggestions from various central enterprises, address their concerns, and further build consensus on the work for the 15th Five-Year Plan period. After in-depth discussions, participants unanimously agreed that the goal of optimizing and expanding state-owned enterprises and state-owned capital should be prioritized, with enhancing value creation capabilities as the top priority. This includes proactively planning a number of major projects and landmark initiatives, continuously expanding effective investment, and striving to achieve both qualitative improvement and reasonable quantitative growth. It is crucial to deeply understand and grasp the strategic deployment for optimizing the layout and structure of the state-owned economy, focusing on core businesses and the real economy, promoting the deep integration of technological and industrial innovation, accelerating the transformation and upgrading of traditional industries, further developing emerging and future industries, coordinating domestic and international markets and resources, balancing high-quality development and high-level security, and accelerating the construction of a modern industrial system.Switzerlands December consumer confidence index will be released in ten minutes.On January 12, Foreign Ministry Spokesperson Mao Ning held a regular press conference. Reports indicated that Foreign Minister Wang Yi was originally scheduled to visit Somalia last week, but the itinerary was adjusted due to "scheduling reasons." What was the reason for the change? Was it due to security concerns? "Following friendly consultations between the foreign ministries of China and Somalia, Foreign Minister Wang Yi adjusted his visit itinerary," Mao Ning further stated. He added that during his time in Africa, Foreign Minister Wang Yi held a telephone conversation with Somali Foreign Minister Dee, stating that China will consistently support Somalia in safeguarding its sovereignty, unity, and territorial integrity. The two sides also reached new consensus on deepening cooperation in various fields.On January 12, in response to a statement from the US leader that China would strike Iran if it harmed protesters, Foreign Ministry Spokesperson Mao Ning stated at a regular press conference that China hopes the Iranian government and people can overcome current difficulties and maintain national stability. China consistently opposes interference in other countries internal affairs, consistently maintains that the sovereignty and security of all countries should be fully protected by international law, opposes the use of force or the threat of force in international relations, and calls on all parties to do more to promote peace and stability in the Middle East. Mao Ning said that China is closely monitoring the situation in Iran and has not yet received any reports of Chinese citizens being injured or killed in Iran. China will do its utmost to ensure the safety of Chinese citizens in Iran. Chinese citizens in Iran are advised to pay attention to the local security situation and take necessary measures to safeguard their own safety. If assistance is needed, they can contact the Chinese Embassy in Iran or call the consular protection hotline.

Gold Price Prediction: The XAU/USD pair remains stable near $1,750 as central bankers travel to Jackson Hole

Alina Haynes

Aug 24, 2022 15:11

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Gold price (XAU/USD) ranges between $1,745 and $1,746 as traders prepare for Wednesday's European session.

 

In doing so, the shiny metal reflects the cautious disposition of the markets ahead of the US Durable Goods Orders report for July. The fact that global officials have recently left for Friday's important address at the Kansas City Fed's symposium in Jackson Hole further restrains the bullion's quick movement.

 

According to Reuters, "many of the central bankers travelling to the Grand Teton mountains this week are hopeful that the current inflationary pressures will abate swiftly enough to allow them to fight the projected economic downturns around the world."

 

Notably, the decline in US 10-year Treasury yields, near 3.03% and down 2.5 basis points (bps), also benefits the gold price. In contrast, economic concerns surrounding China, the world's largest consumer of commodities, impact on the XAU/USD exchange rate. Bloomberg reported that "authorities have been attempting to put a floor under a downturn caused by China's widening real estate crisis as well as a lingering impact to consumer and business mood caused by a stop-and-go Covid control plan."

 

Stock futures remain moderately offered as the US Dollar Index (DXY) oscillates near the intraday high after reversing from the yearly peak the day before.

 

US Durable Goods Orders for July, anticipated to be 0.6% versus 2.0% previously, will be crucial for intraday direction. However, Friday's statement by Fed Chairman Jerome Powell at the Kansas City Fed's conference in Jackson Hole deserves significant consideration. If authorities see recession as a greater risk than inflation and demonstrate a willingness to reverse the previously hawkish tilt, the XAU/USD could see additional gains.