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The SC crude oil futures contract fell 4.00% intraday, currently trading at 490.00 yuan per barrel.On June 23, Deutsche Bank lowered its gold price forecast by up to 22% as investors grew increasingly cautious about the outlook for Federal Reserve monetary policy and investment demand for the precious metal dried up. Michael Hsueh, a research analyst at Deutsche Bank, wrote in a report that he now expects gold to reach $4,300 per ounce in the third quarter, a reduction of more than one-fifth from his previous forecast; and $4,800 in the fourth quarter, a reduction of 17%. This still implies that gold prices will continue to rise from the current level of around $4,110 per ounce, but the bullish sentiment is significantly weaker than before. Deutsche Bank shifted to a more cautious outlook, following Goldman Sachs move last week, which lowered its year-end gold price target by $500 to $4,900 per ounce. Hsueh stated that the Feds repricing, coupled with resilient US macroeconomic data, were the main factors driving gold prices lower. The banks fourth-quarter target is based on the assessment that the Fed will continue to maintain unchanged interest rates, but if there are three to four rate hikes, gold prices could fall to around $3,800. Continued outflows from gold ETFs indicate that this traditionally supportive factor for gold prices is "significantly absent." On the positive side, the only remaining strong pillar is central bank demand, and we expect this trend to continue for some time.Nasdaq 100 futures fell more than 2%, S&P 500 futures fell 1.08%, and Dow Jones futures fell 0.36%.Sources indicate that Nissan halted development of its electric Qashqai SUV early last year. Even if the project is restarted, the model is not expected to launch until the next decade.Japanese chip stocks continued their decline, with Kioxia shares falling 14% and SoftBank Group shares dropping nearly 10%.

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.


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