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A spokesperson for the Iranian Foreign Ministry stated that Iran will not agree to the request made by International Atomic Energy Agency Director General Grossi to visit the damaged nuclear facilities.On July 13th, Citigroup strategists stated that the UK stock markets strong defensive nature and heavy commodity weighting are diminishing its appeal as geopolitical tensions ease. A team led by Beata Manthey downgraded the UKs rating in their global asset allocation from "overweight" to "underweight," favoring investments in the US and Japanese markets. The team maintained a "neutral" rating for European markets excluding the UK. The team stated, "The UK markets strong defensive nature and high commodity weighting have diminished its appeal in an environment of earnings growth and market leadership diffusion." Benefiting from its approximately 10% energy stock weighting, the UK benchmark FTSE 100 index performed exceptionally well until mid-April, with energy stocks such as BP and Shell benefiting from the oil price surge caused by the Iran conflict. Meanwhile, the indexs nearly 35% allocation to defensive sectors such as healthcare and consumer staples made it a relatively safe haven during periods of geopolitical tension or economic recession. However, since the US-Iran ceasefire was announced on April 8th, the FTSE 100 has significantly underperformed.Iranian Foreign Ministry Spokesperson: The region has been in turmoil and instability for the past four months due to the presence of US troops; we have always hoped that countries in the region can learn a lesson from this.Iranian Foreign Ministry spokesman: The mediators are continuing their efforts to facilitate a settlement between Iran and the United States, including recent efforts.July 13th - Recent changes to Cainiaos domestic supply chain have attracted widespread attention both internally and externally. According to sources familiar with the matter, the previous claim that Cainiaos supply chain had "floated onto Taotian" is inaccurate. In reality, it is an N-company within Alibabas e-commerce business group, operating independently alongside Taotian, and continuing to expand its external market business. As a crucial part of Alibabas logistics system, Alibaba will continue to increase its investment in this area.

Gold Price Prediction: XAU/USD recovers from $1,860 support amid Fed and China worries

Alina Haynes

Feb 06, 2023 15:17

截屏2023-01-19 下午3.43.28.png 

 

Gold price (XAU/USD) consolidates recent losses as it posts modest gains near $1,875 in early Monday trading, marking the first positive day in three sessions near the one-month low. In doing so, the precious metal applauds the U.S. dollar's struggle to maintain its strength and draws cues from US-China disputes in advance of this week's major events.

 

In spite of this, the US Dollar Index (DXY) remains stagnant at 103.00, despite a two-day recovery from the lowest levels since April 2022. In doing so, the dollar's measure against the six main currencies fails to justify the robust US employment report and geopolitical concerns regarding China.

 

U.S. Secretary of State Antony Blinked canceled his previously scheduled trip to Beijing in response to the weekend news reports claiming that an American military fighter jet shot down a suspected Chinese surveillance balloon off the coast of South Carolina. President of China Xi Jinping called this a "obvious overreaction" in response to the incident.

 

The same joins Friday's robust US employment report and ISM Services PMI data to test the XAU/USD bulls ahead of Fed Chair Jerome Powell's speech, scheduled for release on Tuesday.

 

S&P 500 Futures extend the previous day's fall from the greatest levels since August as of press time, trading 0.30% lower intraday near 4,140. In the same vein, US 10-year Treasury note rates have increased for three straight days, reaching 3.56 percent as of press time, marking the largest weekly increase since late September 2022.

 

It is worth mentioning that a lack of key data appears to have spurred the XAU/USD bounce from the short-term support, but Gold purchasers should stay cautious in light of the Fed's recent hawkishness and the US-China friction. The US UoM Consumer Sentiment Index for February and the University of Michigan's 5-year Consumer Inflation Predictions will also be crucial to monitor on Friday.


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