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September 6th - Japans opposition Democratic Party for the People held its leadership election on the 6th, with incumbent leader Yuichiro Tamaki defeating his rival, House of Representatives member Mikihiko Hashimoto, to be re-elected. His term will run until the end of September 2029. After his election, Tamaki stated that he will listen to opinions from all sides, strengthen ties between the party headquarters and local councilors and supporters, and begin preparations for the unified local elections next spring.On September 6, local time, the Israel Defense Forces (IDF) issued a statement saying that it had launched airstrikes on southern Lebanon that day. The IDF statement said the airstrikes were a response to Hezbollahs actions. Earlier that day, Hezbollah militants launched two drones at IDF soldiers operating in the southern Lebanon "safe zone." The IDF opened fire and shot down one of the drones; no IDF personnel were injured in the incident. According to the Lebanese Civil Defense, the attack has resulted in at least two deaths.According to Al Arabiya TV, the Israeli Defense Minister stated that Israel will not withdraw its troops from the safe zone in Lebanon until Hezbollah disarms.September 6th - To further enhance the informatization and intelligentization of efforts to prevent telecommunications and online fraud and help the public effectively identify and prevent fraud, the "National Anti-Fraud AI" APP, independently developed by the Shanghai Municipal Public Security Bureau under the guidance of the Criminal Investigation Bureau of the Ministry of Public Security, was officially launched recently. The "National Anti-Fraud AI" APP integrates big data, multimodal models, and intelligent agent technology. Users can input suspicious scenarios through their mobile phones, and the APP can complete risk assessment, identify fraudulent tactics, and push typical cases. It dissects fraud methods from multiple dimensions, including text, voice, and video, and provides identification and prevention strategies.On September 6, the Iranian Islamic Revolutionary Guard Corps (IRGC) issued a statement saying that its navy struck a U.S. unmanned surface vessel attempting to enter Irans "protected zone" in the Strait of Hormuz. This came hours after the U.S. and Iran exchanged military strikes. The IRGC had previously warned all vessels in the Persian Gulf and the Strait of Hormuz not to be deceived by the U.S. military and to avoid conducting any "suspicious activities" in unauthorized routes, or they would become targets. The IRGC has repeatedly emphasized that control and management of the Strait of Hormuz is "solely the responsibility of the IRGC Navy," and any disruption to order in the strait will be met with a firm response.

Gold price forecast: US NFP, clear break above $1,717

Daniel Rogers

Sep 02, 2022 14:42

截屏2022-08-31 下午2.37.05_1024x576.png 

 

Gold price (XAU/USD) approaches $1,700 in Friday's Asian session, indicating a corrective pullback from the yearly low. Traders anticipate August's US Nonfarm Payrolls (NFP) and Unemployment Rate to determine gold's recovery.

 

XAU/USD pares recent losses at $1,698 and bounces off the lowest levels since July 21. Recent gains look to be pre-NFP market consolidation.

 

Hawkish Fedspeak and higher US data have weighed on XAU/USD values recently.

 

US ISM Manufacturing PMI for August was 52.8, compared to 52.0 expected. S&P Manufacturing PMI for August rose from 51.3 to 51.5, compared to 52.2 in July. US Initial Jobless Claims decreased to 232K from 248K and 237K. Unit Labor Cost grew 10.2% QoQ in Q2 versus 10.7% expected, while Labor Productivity fell 4.1% versus 4.5% expected and -4.6% before.

 

A covid-led lockdown in Chengdu, China, and a dismal Caixin Manufacturing PMI provide a bleak picture for the world's second-largest economy. Escalating geopolitical tension between Beijing and Washington via Taiwan might be similar.

 

Atlanta Fed President Raphael Bostic said inflation is 'far' from 2%. New Dallas Fed President Lory Logan said, "Restoring price stability is No. 1"

 

Wall Street closed neutral, but 10-year Treasury rates hit a high since late June. The 02-year rose to the 15-year top. CME's FedWatch Tool indicates 72% possibility of a rate hike in September, up from 69% earlier.

 

US Treasury rates and the US Dollar Index (DXY) fell from multi-year highs by press time.

 

US Nonfarm Payrolls (NFP) and Unemployment Rate for August are significant for gold dealers.