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The main contract for the container shipping index (European route) fell by more than 9.00% during the day, and is currently trading at 1634.0 points.The main Shanghai gold futures contract rose by 2.00% intraday, currently trading at 900.80 yuan/gram.On August 5th, an official from the Accounting Department of the Ministry of Finance answered reporters questions regarding the revision and issuance of the "Accounting Standard for Business Enterprises No. 30—Presentation of Financial Statements." This revision focuses on optimizing and improving the presentation and disclosure of financial statements, and does not involve adjustments to accounting recognition and measurement requirements. The core revisions include optimizing the structure of the income statement. Current profit and loss in the income statement are now divided into five categories: operating, investing, financing, income tax expense, and discontinued operations. New aggregate items such as "Operating Profit," "Operating and Investing Profit," and "Profit from Continuing Operations" have been added to more clearly and effectively distinguish the sources of corporate profits, analyze corporate financial performance, and improve the usefulness and structure of accounting information. For enterprises engaged in specific principal business activities, profits and losses classified as investing or financing by general enterprises should be included in the operating category to fully reflect the characteristics of their main business.On August 5th, local time, the Security Service of Ukraine (SBU) announced on its website on August 4th that it had struck more than 100 strategic targets in Russia over the past 40 days. The SBU stated that the targets primarily included Russian military-industrial enterprises, air force bases, air defense systems, command posts, ships, "Shadow Fleet" oil tankers, oil refineries, and military logistics facilities, causing significant damage to Russian military equipment and numerous military infrastructure sites. The SBU also stated that it had attacked six military airfields, including Saki, the Guards Village, and Engels, as well as the Yevpatoria Aviation Plant. Several Russian oil refineries, oil depots, oil pumping stations, and oil terminals were also targeted. The SBU added that it will continue its efforts to weaken Russias military and economic potential. Russia has not yet responded to these claims.August 5th - According to South Korean media reports, a forecast indicates that South Korea will maintain its leading position in the global memory chip market until 2031, thanks to significant investments from companies like Samsung Electronics and SK Hynix. However, demand for high-bandwidth memory (HBM) is expected to rapidly expand from Nvidias graphics processing units (GPUs) to AI accelerators developed by large tech companies like Google. Josephine Lou, an industry analyst at the French market research firm Yole Group, stated at the 2026 Future Memory & Storage Conference in California on August 4th that South Korea will maintain its leading position in the memory industry until 2031. Lou pointed out that South Korea plans to double its wafer capacity within the next five years, and Samsung Electronics and SK Hynix have also increased their investments. Analysts indicate that as Samsung Electronics and SK Hynix simultaneously expand their next-generation DRAM (including HBM) and NAND production capacity and technology development, South Koreas advantage will continue.

Gold Price Prediction: XAU/USD maintains rises near $1,650 in advance of a crucial Fed decision

Alina Haynes

Nov 02, 2022 17:50

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Gold pricing is benefiting from the US dollar's continuing weakening, as Treasury yields feel the heat of normal market concern preceding a US Federal Reserve (Fed) event.

 

Asian markets were a mixed bag, as the Chinese tech stocks-led surge sputtered and growth fears reemerged in the wake of the extension of covid lockdowns in numerous cities. In the meantime, benchmark US 10-year interest rates are returning to the 4% critical level, allowing gold prices to remain buoyant.

 

Investors eagerly await any hints of a lesser rate increase in December as all eyes remain on the anticipated 75 bps Fed rate hike decision, with Chairman Jerome Powell's press conference grabbing the spotlight. The US ADP Employment Change data will also be monitored prior to the Fed event, as it may present transitory trade opportunities. Until Friday's release of Nonfarm Payrolls, traders may take signals from ADP jobs while awaiting the Nonfarm Payrolls report.

 

Even though the 14-day Relative Strength Index (RSI) is below the 50 level, a dovish Fed rate hike might turn the tables on bears, allowing XAU/USD bulls to retake the bearish 21-Daily Moving Average (DMA) around $1,660 with conviction. Gold bulls could stretch their muscles in the direction of the high at the end of October of $1,675 while gaining vigor to target the $1,700 level.

 

On the other hand, a hawkish surprise might cause the gold market to resume its broader downward trend, with initial support likely at the current range lows near $1,680. The $1,620 round number represents the next downside limit, below which the $1,617 October low could be endangered.


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