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On September 14th, the Shanghai Municipal Medical Insurance Bureau, the Shanghai Municipal Health Commission, and the Shanghai Municipal Center for Disease Control and Prevention jointly issued a "Notice on Matters Concerning the Use of Accumulated Balances in the Individual Medical Insurance Accounts of Shanghai Employees to Pay for Non-Immunization Program Vaccines." The notice clarifies that starting September 15, 2026, insured individuals in Shanghai can use accumulated balances in their individual medical insurance accounts to pay for vaccines and injection service fees for non-immunization program vaccines listed in the vaccination catalog administered at designated medical institutions. This also supports family-based medical insurance contributions, further reducing the burden of vaccinations for citizens and contributing to the construction of a healthy Shanghai.On September 14th, UBS precious metals strategist Joni Teves noted in a report that gold investors may have already turned their attention to the situation following the next action by the Federal Reserve. She expects the market to have largely priced in the rate hike and will focus more on other reasons to buy gold, such as its attractiveness as a diversification tool and the continued robust demand from official sectors. She added that India is approaching its peak gold demand season, and investment activity in China also appears to be providing support for the gold market. She believes that gold prices may remain volatile in the short term, but the possibility of further gains by the end of the year is increasing. She pointed out that even if the Fed raises rates in September, gold may still experience a "reflexive pullback," but this will not disrupt the overall recovery trend.At the close of the morning session, most domestic futures contracts fell. On the upside, SC crude oil rose nearly 12%, polysilicon rose nearly 4%, and asphalt, container shipping to Europe, and fuel oil rose more than 3%. On the downside, glass and soda ash fell more than 5%, caustic soda fell nearly 4%, Shanghai tin fell more than 3%, synthetic rubber, No. 20 rubber, and polyvinyl chloride (PVC) fell more than 2%, and rubber fell nearly 2%.The SC crude oil futures contract surged 12.00% intraday, currently trading at 907.30 yuan per barrel.On September 14th, Futures reported that the SC crude oil main contract surged 11.12% intraday, currently trading at 900.00 yuan/barrel, marking its first surge since its listing.

Gold Price Prediction: XAU/USD Volatility Decreasing Above $1,860 Prior to US Inflation

Alina Haynes

Feb 13, 2023 14:32

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Gold price (XAU/USD) volatility is decreasing ahead of U.S. inflation data that could provide fresh momentum. The price of the precious metal is fluctuating above $1,860.00. Nonetheless, the downside appears to be preferred as market players' risk appetite plummets.

 

During the Asian session, the US Dollar Index (DXY) is battling to break above the crucial resistance level of 103.35. S&P500 futures have suffered more losses as quarterly earnings have dampened expectations for risk-perceived assets. In addition, the repeated destruction of unexplained flying objects by the Pentagon's radar has impacted market sentiment. The alpha generated by 10-year US government bonds has fallen below 3.74 percent.

 

The Federal Reserve (Fed) has reignited concerns about future interest rate hikes, which has frightened market sentiment. Patrick Harker, president of the Federal Reserve Bank of Philadelphia, anticipates that interest rates will exceed 5% this year, as inflation remains elevated. He believes that higher interest rates should be maintained for a longer period of time to attain price stability.

 

The announcement of the US Consumer Price Index (CPI) will provide reassuring information for interest rates. According to a Reuters survey, both the headline and core CPI are anticipated to increase by 0.4% on a monthly basis.