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On January 24th, according to a report on the Lianhe Zaobao website in Singapore, Nvidia founder Jensen Huang visited China again, with his first stop being Nvidias new office in Shanghai. This is Huangs first trip to China in 2026. According to media reports citing multiple sources, Huang visited Nvidias new Shanghai office, met with employees, answered many questions, and reviewed the companys key events for 2025. Sources said Huangs itinerary in China is largely consistent with early 2025, mainly involving attending New Years parties and supplier appreciation events at the Shanghai, Beijing, and Shenzhen branches. Bloomberg previously cited unnamed sources who reported that Huang would travel to China before the Lunar New Year holiday to participate in company activities, and was expected to visit Beijing as well.On January 24th, it was reported that a plenary meeting of the National Film Development Special Fund Management Committee was held in Beijing on January 23rd. The meeting emphasized that film is a spiritual and cultural product, and also a leading sector of the cultural industry, playing a vital role in promoting social and economic development, particularly consumption upgrading. It stressed the need to actively implement the requirements of the in-depth implementation of the special action to boost consumption, summarize the experience of the film economy in promoting consumption in recent years, and, under the guidance of the Ministry of Finance and the National Film Administration, carefully organize the pilot work of using the film special fund to support and promote film consumption. It also emphasized the need to strongly support provincial and municipal party committees and governments, as well as film authorities at all levels, to enrich the forms and expand the content of film-related consumption promotion activities according to local conditions, thereby improving the quality and efficiency of these activities and better stimulating film consumption and promoting market prosperity. The meeting pointed out that with the Spring Festival approaching, the focus should be on the Spring Festival film season, with a results-oriented approach, supporting various regions in carrying out diverse "film+" activities to revitalize the film economy and promote a booming holiday consumption.On January 24th, according to Dongan Power, Gu Jie, Vice President of XPeng Motors, led a core team to visit Dongan Power. Zhao Xingtian, Deputy General Manager of Dongan Power, along with heads of R&D, marketing, quality, and sales departments, accompanied them during the meeting. The two sides engaged in in-depth exchanges and reached a consensus on core issues such as the advancement of mass production projects and the development of next-generation engine technology.January 24th - Public discontent in Denmark over the USs demand for Greenland is spreading to supermarket shelves, and a mobile app that "helps" Danish consumers identify the country of origin of goods so they can refuse American products has recently become very popular in the country. Reportedly, an app called UdenUSA (meaning "No America") is gaining widespread popularity in Denmark. The app was developed by 21-year-old Dane Jonas Piper and his friend Malte Hensbel. Piper stated that many consumers want to avoid buying American-made food, but often find it difficult to identify the country of origin in supermarkets. The UdenUSA app addresses this need by indicating the country of origin for each product.On January 24, local time, an Iranian official stated that the Iranian military is prepared to respond to any possible actions by the United States. The unnamed official said, "The Iranian military is prepared for the worst-case scenario, but we hope that the troop increase will not escalate into actual confrontation." He added, "We consider any potential attack by the United States to be an existential threat to Iran." The official also warned the United States and Israel against such risky actions, stating, "The collapse of Iran would directly lead to the collapse of the region, including Israel." The official added, "Our situation is far better than during the 12-Day War; there is no longer any so-called surprise attack."

Gold Price Prediction: XAU/USD bears anticipate a Fed rate hike near $1,660

Alina Haynes

Sep 21, 2022 14:35

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Wednesday's Asian session gold price (XAU/USD) reflects pre-Fed nervousness as bears flirt with $1,665 inside an immediate trading range. In addition to geopolitical concerns, the hawkish Fed bets create downward pressure on the metal. However, the market's consolidation prior to significant central bank announcements and the already-priced 0.75 basis point Fed rate hike appear to be testing the bears.

 

Reuters reported that the Federal Reserve began a two-day meeting on Tuesday, with rate futures traders pricing in an 83% chance of a 75 basis point raise and a 17% possibility of a 100 basis point tightening. The news adds to rising expectations that a positive surprise will weigh on the XAU/USD exchange rate. The previous day, global economist Nouriel Roubini endorsed metal bears and joined the band of supporters for the Fed's 1% rate hike.

 

In addition, the news of a sudden shutdown in the steel center of Tangshan due to China's zero covid policy recently rocked market confidence and boosted demand for the US dollar. In a similar vein might be the revelation that US Senators are seeking secondary sanctions on Russian oil.

 

In addition, the Asian Development Bank (ADB) lowered its growth predictions for emerging Asia in 2022 and 2023 on Wednesday, citing growing risks from increased central bank monetary tightening, the consequences from the conflict in Ukraine, and COVID-19 lockdowns in China. The news exerts a downward impact on mood and the XAU/USD exchange rate.

 

Regarding US statistics, the yields appeared to support DXY bulls on the back of generally positive US housing data. The nine-month decline in the US NAHB Housing Market Index preceded the August decrease in Building Permits to 1.517M from 1.61M expected and 1.68M previously. However, Housing Starts increased to 1.575 million compared to the market consensus of 1.445 million and previous readings of 1.404 million.

 

During the pre-Fed period of apprehension, the 2-year US Treasury yield reached its highest level in 15 years, while the 10-year yield reached its highest level in 11 years. Consequently, Wall Street's benchmarks closed in the negative, while the S&P 500 Futures remain undecided.

 

While the market's hesitation is mostly attributable to pre-Fed jitters, other central banks are also scheduled to influence the markets and gold prices. However, the focus will be on their ability to prevent recession while attempting to control inflation. If the Fed can persuade optimists of their capacity, a XAU/USD comeback cannot be counted out.


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