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June 26 – On June 26, the institutional reform of the Executive Committee of the Hengqin Guangdong-Macao In-Depth Cooperation Zone was officially launched, with the newly established and renamed working bodies fully operational. This round of reform closely adheres to the original mission of serving the moderate diversification of Macaos economy, systematically optimizing and integrating the Executive Committees organizational structure, functional allocation, and boundaries of authority and responsibility, further constructing a scientific, standardized, efficient, and characteristic responsibility framework system for Hengqin.On June 26, Wang Hongzhi, a member of the Party Leadership Group of the National Development and Reform Commission and Director of the National Energy Administration, stated at a press conference held by the State Council Information Office that energy demand will continue to grow during the 15th Five-Year Plan period. We will always prioritize energy security, adhere to a bottom-line mentality and a systematic approach, and focus on three key areas. First, we will ensure the "development" and "reservation" of fossil fuels. Coal is our greatest source of stable energy supply, and we must base our efforts on this national condition to build strong coal bases. For oil and gas, we will increase domestic exploration and development efforts, stabilize oil production, and increase natural gas supply. At the same time, we will strengthen energy reserves, improve the oil and gas reserve system, enhance coal-to-oil and gas production capacity and technology reserves, and improve coal production capacity reserves. Only in this way can we ensure unwavering security. Second, we will significantly increase the supply of non-fossil energy. Third, we will expand our network of energy cooperation partners.June 26 - On the morning of June 26, President Xi Jinping met with Tariq Rahman, Prime Minister of the Peoples Republic of Bangladesh, who was on an official visit to China, at the Great Hall of the People in Beijing.Sources say Iraqs national oil company SOMO has tendered for crude oil shipments in July.U.S. stock index futures continued to decline, with Nasdaq 100 futures falling more than 1%, S&P 500 futures down 0.42%, and Dow Jones futures down 0.08%.

Gold Price Prediction: The XAU/USD pair seeks to maintain above $1,980, while investors observe the Fed's preferred inflation tool

Daniel Rogers

Mar 31, 2023 11:40

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During the Asian session, the gold price (XAU / USD) aims to maintain its auction above the critical resistance of $1,980.00. Even though the US Dollar Index (DXY) has shown signs of recovery from 102.00, the precious metal is aiming to surpass Thursday's high of $1,984.65.

 

In the Asian session, S&P500 futures have generated significant gains. US equities have sustained the purchasing frenzy, indicating a buoyant market sentiment. In the meantime, the demand for US government bonds has decreased further in the expectation that the US financial sector will not suffer further losses.

 

Investors are anticipating that the Federal Reserve will maintain its monetary policy posture in May, so the USD Index's recovery must pass through a number of filters. (Fed). Jerome Powell, chairman of the Federal Reserve, stated in a private meeting with US lawmakers that he anticipates one more rate hike in 2023. The Fed Chairman Powell's statement is not limited to the May policy. Therefore, the likelihood of a stable monetary policy in May is very high.

 

The USD Index will remain active on Friday prior to the release of the Personal Consumption Expenditures (PCE) Price Index data. Wells Fargo analysts anticipate that the PCE deflator will outpace nominal spending (+0.3%).