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February 17th - A Russian diplomatic source stated late on the 16th that a Russian delegation led by Presidential Aide Medinsky had departed and was expected to arrive in Geneva, Switzerland, early on the 17th to participate in trilateral talks between Russia, the United States, and Ukraine. Bilateral contacts between Russia and Ukraine are possible during the talks. The source said the Russian delegation would arrive in Geneva around 6:00 AM local time on the 17th. The US is technically involved in coordinating the necessary permits for the Russian delegations arrival in Geneva via the EU. The source said the trilateral talks plan to discuss key factors in resolving the Ukrainian issue, including military, political, and humanitarian issues. The duration of the talks is currently unknown. Bilateral contacts between Russia and Ukraine are possible during the Russia-US-Ukraine talks.BHP Billiton (BHP.N): Optimistic about the economic backdrop supporting key commodities.BHP Billiton (BHP.N): The Escondida copper mine is expected to produce between 1 million and 1.1 million tons in fiscal year 2027.BHP Billiton (BHP.N) reported a net profit of $5.64 billion for the first half of the year, up 28% year-on-year; revenue for the first half was $27.902 billion, higher than the market estimate of $26.907 billion.February 17th - BHP Billiton (BHP.N) announced that it has signed a long-term working capital agreement with Wheaton Precious Metals International Limited. The agreement stipulates that BHP Billiton will receive a $4.3 billion upfront payment upon completion of the transaction. BHP Billiton will deliver silver to Wheaton in accordance with its share of silver production at the Antamina mine. Under the agreement, Wheaton will pay BHP Billiton 20% of the spot price of silver at the time of delivery.

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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