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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

Gold Price Prediction: XAUUSD pulls back toward $1,750 ahead of Biden-Xi talks, and the Fed's pivot is anticipated

Daniel Rogers

Nov 14, 2022 18:42

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During Monday's Asian session, the gold price (XAUUSD) consolidates the largest weekly gains since March 2020 near $1,762. In doing so, the precious metal records modest losses within a bullish chart pattern that is one week old.

 

Notably, the light schedule appears to have prompted the XAUUSD retreat near the highest levels in three months. Anxiety ahead of a meeting between US President Joe Biden and China's Prime Minister Xi Jinping on the sidelines of the Group of 20 Nations (G20) summit in Bali is also likely to have prompted the gold buyers to be questioned.

 

Christopher Waller, governor of the Federal Reserve, attempted to defend the bulls by stating, "Rates will not fall until there is 'clear, strong evidence' that inflation is falling."

 

Against this backdrop, S&P 500 Futures retreat from a one-month high, falling 0.30 percent intraday near 3,990, while US 10-year Treasury yields rise six basis points (bps) to 3.89%, recording their first daily gain in four days.

 

As the market attitude deteriorates, updates from Bali can provide amusement for XAUUSD traders. Any spark in China's relations with its global counterpart, as a result of China's support for Russia, should exert additional downward pressure on gold. However, the previous week's discussions of the Fed's easy rate hikes in December, coupled with the disappointing US consumer-centric data, appear to keep gold buyers optimistic.

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