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Natural Gas of Spain: In December, liquefied natural gas accounted for 53.5% of Spains natural gas imports, and natural gas imported through pipelines accounted for 46.7%.On January 11, Donald Rissmiller, chief economist at New York research firm Strategas Research, said that the stronger-than-expected non-farm payrolls in December put a solid end to 2024, but this did not significantly change the trajectory of the US economy. Rissmiller said that growth in all industries except manufacturing should give the Federal Reserve time to cut interest rates because the cooling of the economy seems to be quite gradual. But the report also shows that one month of strong performance does not change the overall situation. The length of time workers are unemployed continues to increase, suggesting that the job market is not as tight as before.January 11th, following the shocking non-farm payrolls data in December last year, investors are now turning their attention to the December CPI data scheduled for release next Wednesday. Bank of America analysts Sarah House and Aubrey Woessner expect overall inflation to reach a five-month high of 2.9% in December, higher than 2.7% in November. They said in a report that the core CPI growth rate is expected to remain at 3.3% for the fourth consecutive month. They believe that inflation "will stagnate this year as anti-inflationary benefits from improved supply chains and falling commodity prices have faded, while new headwinds may emerge from trade policy."Morgan Stanley said the U.S. nonfarm payrolls report should reduce the likelihood of a near-term Federal Reserve rate cut.Germanys DAX30 index closed down 106.06 points, or 0.52%, at 20213.31 points on January 10 (Friday); Britains FTSE 100 index closed down 69.50 points, or 0.84%, at 8250.19 points on January 10 (Friday); Frances CAC40 index closed down 59.24 points, or 0.79%, at 7431.04 points on January 10 (Friday); The STOXX 50 index closed at 4,976.85 points on January 10 (Friday), down 41.06 points, or 0.82%. The Spanish IBEX 35 index closed at 11,722.18 points on January 10 (Friday), down 177.12 points, or 1.49%. The Italian FTSE MIB index closed at 35,097.00 points on January 10 (Friday), down 218.51 points, or 0.62%.

Gold Price Prediction: XAU/USD oscillates about $1,650 as DXY recovers recent losses

Alina Haynes

Oct 25, 2022 15:24

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Gold price (XAU/USD) is indecisive while rebounding from intraday lows to $1,650 ahead of Tuesday's European session.

 

Nevertheless, the yellow metal attracted purchasers earlier in the day due to a weaker U.S. dollar, but the currency's recent resurgence looks to have weighed on the price recently. It should be mentioned that unfavorable concerns regarding China, one of the world's largest gold consumers, have recently posed a threat to the pricing of precious metals.

 

In the absence of Fed-speak, the US Dollar Index (DXY) gains bids to reclaim the 112.00 mark while trimming its first weekly loss in three weeks. It should be emphasized that the Fed's aggressive rhetoric and weak US PMIs also support the DXY's safe-haven appeal.

 

China's efforts to protect its struggling economy and worldwide pessimism regarding Xi Jinping's third term, not to mention Hang Seng's decline to a 13-year low, impose downward pressure on market mood and the XAU/USD exchange rate.

 

US 10-year Treasury rates continue under pressure around 4.21 percent, down two basis points (bps), while US stock futures and Asia-Pacific markets are moderately bid.

 

Moving forward, second-tier US Housing data and Consumer Confidence indicators may delight gold speculators before Thursday's third-quarter US Gross Domestic Product report (Q3).

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