EUR/USD 1.02441
-0.534%
Gold 2690.64
0.757%
Oil 75.879
2.936%
USD/JPY 157.812
-0.194%
GBP/USD 1.22083
-0.799%
GBP/JPY 192.662
-0.983%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
British Chancellor of the Exchequer Reeves: We will take steps to ensure compliance with fiscal rules; we are committed to preparing a budget every year, which will be published in the autumn.According to the news on January 11, in 2024, Shenzhens total electricity consumption will be 121.49 billion kWh, a year-on-year increase of 7.7%. Among them, industrial electricity consumption, service industry electricity consumption, number of residential electricity users and electricity consumption all showed a significant increase. In 2024, Shenzhens secondary industry electricity consumption will be 57.62 billion kWh, a year-on-year increase of 8.8%; among them, industrial electricity consumption will reach 55.2 billion kWh, a year-on-year increase of 8.9%.Russia says it has taken control of the Shevchenko settlement in Ukraines Donetsk region.On January 11, the 2025 Spring Festival travel plan for the Yangtze River Delta Railway was recently released. It is expected that 97 million passengers will be transported during the 40 days of the Spring Festival travel, with an average daily passenger volume of 2.425 million, a year-on-year increase of 5.1%, setting a record high. The Yangtze River Delta Railway Department plans to add 398.5 pairs of passenger trains on the basis of using the peak operation diagram. During the peak period, the maximum number of passenger trains will exceed 1,700 pairs per day to actively respond to the large passenger flow during the Spring Festival travel.On January 11, Sergey Lebedev, coordinator of the pro-Russian underground organization in Nikolayev Oblast, Ukraine, told RIA Novosti on January 10 that witnesses reported large-scale transportation of NATO equipment in Poland. Lebedev said: "In recent days, a lot of information from Poland shows that NATO is transporting a large number of personnel and equipment. The scale of equipment transportation is so large that it is impossible not to be discovered." Lebedev believes that Western countries are preparing for a conflict between Poland and Russia and a possible blockade of Kaliningrad. He said: "The West is waging war against Russia in Ukraine, and they will do everything they can. They dont care about the lives of the Poles, just as they dont care about the lives of the Ukrainians."

Gold Price Prediction: XAU/USD clings to 29-month low near $1,650; Ukraine, Fed's Powell in spotlight

Daniel Rogers

Sep 26, 2022 12:01

Gold price (XAU/USD) licks its wounds around a two-year bottom, at $1,645 during Monday's Asian session, as bears take a breather following the week's largest daily decline ahead of important catalysts. The contradictory news regarding Europe and Russia may further put pressure on metal prices. Despite this, bears remain optimistic despite the widespread rush to endanger safety.

 

Germany's ability to secure a gas contract with Abu Dhabi, as well as Russia's lack of rapid response to Group of Seven (G7) chatter about mustering guts against Moscow, indicated a correction in mood. Recently, a holiday in New Zealand and a light calendar in Asia allowed the XAU/USD bears to catch their breath.

 

During the past week, the gold price was pushed down by high US PMIs, weak activity data from the bloc, Russia's stern warning to the West, and the Group of Seven's (G7) readiness to respond with penalties. In addition, the XAU/USD was pulled down by hawkish central bankers and fears of recession.

 

Nonetheless, the initial readings of the S&P Global PMI for the month of September indicated that the European economy contracted significantly, hampered by rising energy prices. The German Services PMI reached its lowest level in two years, while its European counterpart reached its lowest level in 19 months. In addition, Manufacturing PMIs reached their lowest level in twenty months. In September, the US S&P Global Manufacturing PMI increased to 51.8 from 51.5, and the US S&P Global Services PMI improved from 44.6 to 49.0.

 

Jerome Powell, chairman of the Federal Reserve, stated elsewhere on Friday, "We are committed to deploying our tools." Following him, Fed Vice Chair Lael Brainard stated that 'hard' inflation is impacting low-income people. Raphael Bostic, president of the Atlanta Federal Reserve, told CBS' "Face the Nation" over the weekend that he still believes the central bank can reduce inflation without substantial job losses, given the economy's sustained pace, as reported by Reuters, citing the Fed official's interview.

 

According to a recent CBS interview, Ukraine's president Zelenskiy stated that "Putin's nuclear threats may have been a bluff, but now they might become a reality." The United States, meanwhile, warned of "catastrophic repercussions" if Moscow used nuclear weapons in Ukraine, after Russia's foreign minister stated that territories hosting heavily condemned referendums would receive full security if annexed by Moscow.

 

Wall Street closed in the red, US Treasury yields increased, and the US Dollar Index (DXY) reached a new multi-year high against this backdrop. Consequently, S&P 500 Futures record modest losses at the latest.

 

Intraday movements will be heavily influenced by Italy's election results and a statement by European Central Bank (ECB) President Christine Lagarde. Nonetheless, the week will be dominated by the Ukraine-Russia conflict, comments from Fed Chair Powell, and US Durable Goods Orders for direction.


Suggestion