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On May 10, UN Secretary-General António Guterres spokesperson, Stéphane Dujarric, issued a statement on May 9, welcoming the announcement by Russia and Ukraine of a three-day ceasefire from May 9 to 11 and plans for a large-scale prisoner exchange. The statement said the Secretary-General reiterated his call for an immediate, comprehensive, unconditional, and lasting ceasefire as a first step toward achieving a just, sustainable, and comprehensive peace, consistent with the UN Charter, international law, and relevant UN resolutions. The statement added that Guterres appreciated the efforts made by the United States to facilitate the agreement and fully supported its implementation.Hungarian Prime Minister Majol apologized for the mistakes made by the government of Prime Minister Viktor Orbán.On May 9th, Hong Kong Stock Exchange data showed that the total market capitalization of the securities market reached HK$48 trillion at the end of April 2026, a year-on-year increase of 24%. The average daily turnover in April 2026 was HK$253.5 billion. The average daily turnover for the first four months of 2026 was HK$271.1 billion, a year-on-year increase of 8%. The average daily turnover of exchange-traded funds (ETFs) for the first four months of 2026 was HK$39.1 billion, a year-on-year increase of 5%. There were 49 new listed companies in the first four months of 2026, a 158% increase compared to 19 in the same period last year. The total funds raised through initial public offerings (IPOs) in the first four months of 2026 amounted to HK$151.4 billion, a year-on-year increase of 604%.On May 9th, the National Healthcare Security Administration released the "Work Plan for Adjusting the National Basic Medical Insurance, Maternity Insurance and Work Injury Insurance Drug Catalog and the Commercial Health Insurance Innovative Drug Catalog in 2026 (Draft for Public Comment)" for public comment.On May 9th, Japans Ministry of Economy, Trade and Industry (METI) announced on social media that Japan may send government officials to Russia as early as the end of May to maintain communication channels and provide support to its companies still operating in Russia. METI stated that it is necessary to protect the assets of Japanese companies remaining in Russia, and to support these efforts, the Japanese government has been maintaining government-level communication with Russia and has made relevant requests.

Gold Price Prediction: XAU/USD anticipates additional gains ahead of China and U.S. inflation

Alina Haynes

Jan 11, 2023 11:54

Gold price (XAU/USD) demonstrates usual pre-data concern as it approaches $1,875 on Wednesday morning, exploring a three-day rally around the highest levels since May 2022. In doing so, gold demonstrates the market's faith in the traditional safe-haven, even if the US Dollar recovers from its multi-day low. The uncertainty surrounding the next steps of the US Federal Reserve (Fed) and the pessimistic economic forecasts of the World Bank (WB), not to mention cautious optimism towards China, may be to blame.

 

Federal Reserve (Fed) Chair Jerome Powell's remarks at Riksbank's International Symposium on Central Bank Independence were unable to provide additional clarification on the US central bank's monetary policy outlook, which prompted a stampede for gold in the face of uncertainty. In his most recent public appearances, the policymaker lauded the US central bank's latest steps while emphasizing the Fed's independence and lack of commitment to climate control. Notably, Federal Reserve Governor Michelle Bowman seemed hawkish when she stated that additional rate hikes are required to combat excessive inflation, which should have pressured the XAU/USD bulls in the aftermath.

 

Notably, the recent softening of hawkish bets on the Fed's next moves, as well as lower US data, appear to keep gold investors optimistic, despite the Federal Reserve's efforts to defend its tight monetary policy. Tuesday, the US NFIB Business Optimism Index for December fell to its lowest level since 2013 if various anxieties caused by the worldwide Covid wave are disregarded. In addition, US Wholesale Inventories for November stayed constant at 1.0% growth.

 

Alternatively, a rebound in the US Dollar Index (DXY) from the seven-month low appears to pose a threat to the Gold price, due to the inverse link between the XAU/USD and the dollar's index against the six main currencies. Tuesday marked the conclusion of a two-day downturn for the DXY as it rebounded from the multiday low to settle at 103.30. In doing so, the US Dollar Index tracked the firmer US 10-year Treasury note yields, which increased 10 basis points (bps) to 3.61 percent, falling one basis point (bp) to 3.60 percent at the latest.

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