EUR/USD 1.17829
0.027%
Gold 4721.26
-0.054%
Oil 93.821
1.966%
USD/JPY 157.067
0.218%
GBP/USD 1.36202
-0.054%
GBP/JPY 213.933
0.164%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Qualcomm (QCOM.O) shares rose 9% in pre-market trading, after a 23.8% gain in the previous week.White House National Economic Council Director Hassett: If I were a Federal Reserve governor, I would see through the supply shock.White House National Economic Council Director Hassett speculated that Federal Reserve Chairman Powells possible path to resignation would be through the Inspector Generals report.White House National Economic Council Director Hassett: I will not comment on the Federal Reserves interest rate policy.On May 11, it was announced at a press conference held by the General Administration of Customs that, in order to uphold the bottom line of safety for imported and exported cosmetics and effectively protect the safety of cosmetics used by the general public, the General Administration of Customs recently released the newly revised "Measures of the Customs of the Peoples Republic of China for the Supervision and Administration of Inspection and Quarantine of Imported and Exported Cosmetics." These measures will take effect on December 1 this year. Li Jinsong, Director of the Import and Export Food Safety Bureau of the General Administration of Customs, stated that this revision widely solicited opinions from the public, relevant enterprises, industry associations, and the National Medical Products Administration, and also followed international rules by notifying the World Trade Organization (WTO). Overall, the revision presents three main characteristics: first, strengthening collaborative supervision across the entire supply chain to solidify the national border defense line; second, deepening institutional reform and innovation to improve the level of cross-border trade facilitation; and third, supporting the development of new business models to continuously accumulate momentum for reform.

Gold Price Prediction: XAU/USD Retraces to $1,800 Prior to US NFP

Alina Haynes

Dec 02, 2022 15:36

 195.png

 

Gold price (XAU/USD) replicates the traditional pre-NFP consolidation pattern as it falls from a four-month high to $1,780 on Friday morning. Consequently, the yellow metal records its first daily loss in four days amid cautious market conditions.

 

Amid sluggish trading hours, recent comments from International Monetary Fund (IMF) Managing Director Kristalina Georgieva seems to have weighed on the XAU/USD bulls in addition to the apprehension around the release of vital US job statistics. "Recession risks are rising for many countries, and the outlook for global growth is extraordinarily uncertain and dominated by risks," stated Georgieva of the IMF.

 

In addition, concerns regarding the deceleration of the Initial Public Offering (IPO) markets may have contributed to the Gold price decline. "A global slowdown in initial public offerings owing to increased market volatility and a regulatory cloud over fresh listings from China has produced pent-up demand that could lead to an IPO boom in 2023," according to industry experts speaking at the Reuters NEXT conference.

 

In addition, the recent comments from New York Fed's John Williams appeared to have tested US Dollar bears and helped Gold sellers, as the policymakers stated that the Fed has more rate hikes to implement.

 

S&P 500 Futures fall 0.30 percent intraday to 4,070, although US 10-year Treasury yields rebounded from a 10-week low to reach 3.53 percent as of press time.

 

Notably, the dovish fears regarding the US Federal Reserve's (Fed) next move, supported by the gloomy Fedspeak and softer US statistics, appear to keep gold bears optimistic ahead of the US jobs report. Forecasts indicate that headline Nonfarm Payrolls (NFP) will likely decrease to 200K from 261K previously, while the unemployment rate is projected to remain steady at 3.7%. It should be noted that a probable decrease in Average Hourly Earnings for the month in question could also weigh on the Gold price.

Suggestion