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Japans July core CPI annual rate will be released in ten minutes.On August 22, the Hong Kong residential market suffered its biggest loss yet on August 19. The mansion at 15 Gough Hill Road, The Peak, owned by Shenzhen Xiangqi Group Chairman Chen Hongtian or a related party, sold for HK$790 million after two years of bidding. The property, originally purchased for HK$2.1 billion in 2016, has now depreciated by HK$1.31 billion, a 62.4% drop, to a price per square foot of approximately HK$43,700 (1 square foot equals approximately 0.0929 square meters). The property was taken over by Bank of East Asia in 2023 due to financial problems, becoming a bank-owned property and undergoing multiple bid extensions before a buyer was found. The property has a usable area of 18,000 square feet, with a nearly 10,000 square foot garden and 2,788 square feet of parking space. The price per square foot once reached HK$227,400. Converted to square meters, the typical mainland Chinese standard, the unit price of this mansion at its peak would have reached approximately HK$2.45 million per square meter.California Governor Gavin Newsom: Californias special election will officially take place on November 4. Californians will be able to vote for the congressional (district) map.Japans Ministry of Finance is preparing to raise its long-term interest rate forecast to 2.6%, the highest level in 17 years, in its budget request for fiscal 2026/2027.The UKs Gfk consumer confidence index in August was -17, the highest since December 2024.

Gold Price Prediction: XAU/USD tests $1,880 as the US Dollar retreats in advance of Fed Chair Powell's speech

Daniel Rogers

Feb 07, 2023 15:38

 截屏2022-06-07 下午5.15.00.png

 

During early Tuesday trading, the gold price (XAU/USD) gains bids to retest the intraday high near $1,876 while printing a two-day rise.

 

In doing so, the precious metal extends its recovery from a monthly low at the start of the week, as the US Dollar's weakness combines with cautious optimism in the market to favor XAU/USD bulls. However, apprehension in front of Federal Reserve Chairman Jerome Powell and US President Joe Biden's State of the Union (SOTU) remarks appears to be challenging metal buyers recently.

 

The modestly optimistic feeling could be attributed to Treasury Secretary Janet Yellen and President Joe Biden's remarks that pushed back US recession fears. In a similar vein, US President Joe Biden's remarks that "the balloon incident did not damage US-China relations" appeared to allay Sino-American concerns.

 

On the other hand, hawkish Fed comments appear to support US Treasury bond yields and the US Dollar. In an interview with Bloomberg, Federal Reserve Bank of Atlanta President Raphael Bostic stated, "The robust job market presumably suggests 'we have a bit more work to do.'" Notably, the stronger US jobs report and activity statistics for January rekindled the Fed's hawkish stance last Friday, but a lack of directions appeared to test the USD bulls subsequently.

 

In this environment, S&P 500 Futures post modest gains, as US Treasury bond rates struggle to extend their two-day recovery from the monthly low. Observe that the US Dollar Index (DXY) has likewise retreated from the one-month peak it reached the day before amid lackluster market conditions.

 

Gold traders should focus on Fed Chair Powell's ability to compliment the most recent good US data as well as US President Biden's State of the Union address.


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