EUR/USD 1.15165
-0.111%
Gold 4514.26
3.079%
Oil 97.553
5.279%
USD/JPY 160.141
0.248%
GBP/USD 1.32713
-0.430%
GBP/JPY 212.533
-0.180%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On March 28, the UN Secretary-Generals Zero Waste Advisory Committee released the first batch of cities selected for its global initiative of "20 Cities on the Road to Zero Waste," recognizing their efforts in reducing waste, promoting a circular economy, and building more sustainable and inclusive urban systems. Three Chinese cities—Hangzhou, Sanya, and Suzhou—were among those selected.March 28 - According to a report by the German Press Agency (dpa) on March 27, Russian President Vladimir Putin stated that Russia does not rule out the possibility of reconciliation with European countries. According to a transcript released by the Kremlin, Putin said at a Russian Federation Security Council meeting on the 27th: "We have never rejected developing these relations, nor have we ever rejected restoring them."On March 28, German Chancellor Merz stated on March 27 that if "regime change" is the goal of the US-Israel military action against Iran, he does not believe that goal can be achieved. Merz expressed his hope for an early end to the conflict, but noted that the US and Israel are "deeper in the game." He questioned whether the US and Israel have a strategy to end the conflict, and if so, whether it can be successfully implemented. Merz said the economic consequences of the Middle East conflict are "very direct," and Germany is one of the sufferers. If a ceasefire agreement is reached, Germany could consider jointly organizing military escorts across the Strait of Hormuz with other parties, but this requires international authorization, approval from the German Bundestag, and a cabinet resolution. However, as long as the conflict continues, this is "not an option" for Germany.March 28th - Since 2026, passenger traffic at Shanghai ports has continued to climb. According to statistics from the Shanghai General Station of Immigration Inspection, as of 9:00 AM on March 28th, the cumulative number of inbound and outbound passengers inspected by Shanghai immigration authorities has exceeded 10 million, representing a year-on-year increase of 2.9%. The flow of people at Shanghai ports is showing a robust "two-way" trend, with approximately 5.055 million outbound passengers and approximately 4.945 million inbound passengers, representing year-on-year increases of 2.6% and 3.3%, respectively.On March 28, the National Bureau of Data Science and Technology (NBD) released its 2026 departmental budget on its official website. The NBD comprises one administrative unit at the bureau level, with six internal departments: General Affairs Department, Policy and Planning Department, Data Resources Department, Digital Economy Department, Digital Technology and Infrastructure Construction Department, and International Data Governance Cooperation Department. It also has one affiliated institution, the National Data Development Research Institute.

Gold Price Prediction: XAU/USD bears at $1,650 on Fed hawkishness and China news

Daniel Rogers

Sep 19, 2022 14:34

 161.png

 

During early Monday morning in Europe, the gold price (XAU/USD) maintains a position close to the intraday low at $1,670. In doing so, metal prices endure the weight of a stronger U.S. dollar amidst a sluggish session caused by Japanese and British vacations. The cause may be related to the Fed's hawkish bets and China-related news stories.

 

US Dollar Index (DXY) reverses a two-day slump while posting intraday gains of 0.18 percent at 109.85 as of press time. Indicators of the U.S. dollar's value versus the six major currencies have recently been buoyed by the University of Michigan's September consumer sentiment report and the market's positive expectations on the Fed's next move. Consequently, the probability of a 75-basis-point (bps) rate hike by the Federal Reserve increased to 80%, while the market's estimates of a one-percentage-point increase in the Fed rate rose to 20% at the latest.

 

US President Biden stated elsewhere, "I'm more positive than I've been in a long time." The national leader also claimed that inflation will be brought under control. On the same line are the covid updates from China, which have unlocked Dalian and Chengdu while observing zero coronavirus cases in Beijing and one, as opposed to zero the day before, outside of Shanghai's quarantine zone. However, US President Biden's willingness to support Taiwan in the event that China assaults Taiwan and hawkish expectations for the Federal Reserve appear to weigh on the steel price ahead of the major monetary policy pronouncements.

 

In addition, the People's Bank of China (PBOC) reduces the 14-day reverse repo rate by 10 basis points to 2.15 percent. "With no maturing reverse repos on Monday, the Chinese central bank injects 12 billion yuan," reports Reuters. The same might have indicated that the dragon nation is not in recovery mode and requires more rate cuts than rate raises, which could have caused the gold price to plummet. The cause is China's position as one of the world's largest gold consumers.

 

In light of this, the S&P 500 Futures post modest losses while mirroring Wall Street's Friday close. Notably, the selling in Japan curbs bond movements in Asia, but yields are robust near the multi-day high due to fears of a recession and hawkish Fed views.

 

Moving forward, a light economic calendar and important market holidays may limit intraday XAU/USD price fluctuations. However, bears are expected to maintain control because to aggressive Fed expectations, which, if dashed, might defy the bearish chart pattern and spark the long-awaited rally.

Suggestion