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June 26 - According to the Japan Meteorological Agency, a 5.8-magnitude earthquake struck northeastern Chiba Prefecture, Japan, at approximately 12:46 p.m. local time on June 26. The strongest tremor was felt at an intensity of 4, with a focal depth of 50 kilometers. Strong tremors were reportedly felt in the Tokyo area.Market news: An earthquake struck Tokyo, Japan, causing buildings to sway.Zhipu (02513.HK) fell by more than 10%, with its share price dropping to HK$2,090.On June 26th, Guy Adami, co-founder of RiskReversal Media and a trader at "Fast Money," stated that despite a series of headwinds, gold is not out of the picture. There are rumors that central banks may have sold gold early in the war; while theres no concrete evidence, such rumors do exist. Moreover, in a world where the US dollar has caused a $130 billion surge in market capitalization, people might ask, "Why should I buy gold now?" "I still believe inflation is a problem, and interest rates will rise. I understand the headwinds from the dollar, but at some point, I think everything will reverse, and gold will regain favor," Adami added. He pointed out that gold is currently down about 24% from its historical high, and its simply impossible to predict an immediate new surge. However, he still believes that global central banks will continue to increase their holdings, and gold still has opportunities for the remainder of the year.On June 26, the State Taxation Administration issued an interpretation of the "Announcement of the State Taxation Administration on Relevant Matters Concerning the Administration of Individual Income Tax." Regarding whether there have been any adjustments to the individual income tax policy supporting residents home replacement purchases, the State Taxation Administration stated that, according to the "Announcement of the Ministry of Finance, the State Taxation Administration, and the Ministry of Housing and Urban-Rural Development on Continuing the Implementation of Relevant Individual Income Tax Policies Supporting Residents Home Replacement Purchases" (Announcement No. 3 of 2026), the relevant individual income tax policy supporting residents home replacement purchases will continue to be implemented until December 31, 2027. Specific regulations and filing procedures also remain the same as before. Eligible taxpayers should refer to the provisions of the "Announcement of the State Taxation Administration on Relevant Matters Concerning the Administration of Individual Income Tax Policies Supporting Residents Home Replacement Purchases" (Announcement No. 21 of 2022) for processing.

Gold Price Prediction: XAU/USD forges bullish path above $1,960, Fed and banking unrest anticipated

Daniel Rogers

Mar 21, 2023 13:57

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Following a retracement from a Year-To-Date (YTD) high, the gold price (XAU / USD) regains upward momentum amid cautious optimism in the banking sector. The market's inaction during the Japanese holiday as well as the failings of US Treasury bond yields to prolong the recent corrective bounce off a six-month low could lend support to the recovery movements.

 

Headlines indicating that U.S. policymakers are searching for ways to insure all bank deposits and that major central banks are rushing to keep markets liquid with the US Dollar flow appear to favor Gold purchasers.

 

Notably, the most recent reading of the CME's FedWatch tool indicates that the likelihood of a 0.25% Fed rate rise on Wednesday is now close to 75%, up from 65% last week. This allows US Treasury bond yields to rebound. However, Treasury bond yields remain inactive due to Japan's national holidays, which restrict bond trading in Asia. The previous day saw the 10-year and 2-year US Treasury bond yields rebound from their lowest levels since September 2022.

 

Gold traders will be keenly interested in the Fed's response to the banking crisis, as the 0.25 percentage point rate hike is a foregone conclusion. Should the dot-plot hint at a policy reversal, the US Dollar could experience further losses, which could propel the XAU/USD exchange rate.


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