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1. This round of Israeli-Palestinian conflict has resulted in 51,201 deaths in the Gaza Strip. 2. Lebanon said that the Israeli armys attack on southern Lebanon caused one death and two injuries. 3. The Israeli army claimed to have killed a senior commander of Hezbollah in Lebanon. 4. According to the Jerusalem Post: The Israeli Security Cabinet will hold a meeting on Tuesday. 5. The Iranian Foreign Minister said that Iran-US talks must be extremely cautious. 6. The Iranian Foreign Minister: Israel is the only obstacle to the "denuclearization" of West Asia. 7. The Hamas delegation held talks with the Turkish Foreign Minister on a ceasefire in Gaza. 8. The Israeli army announced the results of the investigation into the attack on the Gaza ambulance convoy in March, admitting that there was a so-called "misjudgment". The Palestinian response: full of lies. On April 21, after 0:00 on the 21st local time, with the end of Easter, Russias 30-hour ceasefire officially expired and will not be extended. As of press time, neither Russia nor Ukraine has issued a statement on extending the ceasefire. Russian President Vladimir Putin said when meeting with Russian Chief of General Staff Gerasimov on the 19th that on the occasion of Easter on the 20th, the Russian army will stop all combat operations from 18:00 on the 19th to 0:00 on the 21st. Russia hopes that Ukraine will follow Russias example. Zelensky posted on social media on the same day, proposing to extend the ceasefire until after Easter on the 20th, saying that 30 hours is not enough to build real trust. On the 20th, Russian Presidents Press Secretary Peskov responded to questions raised by Russian media about the possibility of extending the ceasefire, saying "there are no other instructions." He said on the same day that Putin did not issue an order to extend the ceasefire.US President Trump hopes Russia and Ukraine can reach an agreement this week.On April 21, US President Trump said on the social platform, "The golden rule of negotiation and success: those who own gold make the rules." In addition, he also said, "Businessmen who criticize tariffs are not good at business, but what they are really bad at is politics. They dont understand or realize that I am the best friend of American capitalism ever!"On April 21, the Russian Ministry of Defense said on the 20th that the Ukrainian army continued to attack the Russian side despite the Easter ceasefire proposal. Ukrainian President Zelensky said on the same day that the Russian armys attacks continued during the Easter period. The Russian Ministry of Defense website issued a statement on the same day saying that the Ukrainian army ignored the Easter ceasefire proposal and attempted to attack the Russian army positions in two settlements in the Donetsk region at night, but was repelled. Zelensky posted on social media on the 20th that as of 16:00 that day, the Russian army launched 46 assaults and 901 artillery attacks from all directions. He also said that during the Easter period, the Russian armys fighting in the Pokrovsk direction in eastern Ukraine was the most active. Russias claim of a ceasefire in Kursk Oblast and other places "fell through."

In anticipation of the US PMIs and NFP, the gold price is expected to struggle at $1,760 (XAU/USD)

Daniel Rogers

Aug 01, 2022 11:48

 截屏2022-07-29 下午5.19.51_1024x576.png

 

Even after recovering from the intraday low and falling for the first time in four days, the price of gold (XAU/USD) is still under pressure as buyers pause at the one-month top. Despite this, the price of the yellow metal recently increased to $1,763 after hitting a new intraday low of $1,760 on Monday during the Asian session.

 

The recent decline in the quotation may have been brought on by the market's apprehensive mood ahead of the crucial US jobs data for July as well as by the latest Sino-American spat. The hawkish Fedspeak and Friday's positive prices of the Fed's favored inflation indicator also have an impact on the price of XAU/USD.

 

US House Speaker Nancy Pelosi starts her trip to Asia, although her stop in Taiwan isn't listed on the itinerary Beijing's warnings may be to blame for this. The Financial Times said that six people who were acquainted with the Chinese warnings said they were much more severe than the threats Beijing has previously made when it disagreed with US actions or policy on Taiwan (FT).

 

Nevertheless, the favored inflation indicator of the Fed, the US Core Personal Consumption Expenditures (PCE) Price Index, increased to 4.8 percent YoY for June from 4.7 percent in May. Niel Kashkari, president of the Minneapolis Fed, then told the New York Times (NYT) that the Fed is still far from stopping rate increases. "I think raising rates by half a point at upcoming Fed meetings looks feasible," the policymaker continued.

 

However, it should be noted that the recent decline in US Treasury rates and better stock markets seem to have impacted on the US dollar, favoring the price of gold. Additionally, the "technical recession" of the US and remarks by US Federal Reserve (Fed) Chairman Jerome Powell emphasising data dependence and neutral rates supported the rebound of gold during the past two weeks.

 

The US Treasury rates maintain a recent dip around 2.66 percent, up two basis points, while the S&P 500 Futures print just slight losses among these manoeuvres (bps).

 

Moving on, the US ISM Manufacturing PMI for July, which is predicted to be 52 compared to 53 before, might influence immediate XAU/USD swings before the US ISM Services PMI for the same month. The Fedspeak and the news on China will also be significant. However, with demands for neutral rates and an economic slowdown, Friday's US Nonfarm Payrolls (NFP) will be the focus of much attention.


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