EUR/USD 1.18526
-0.986%
Gold 4847.62
-9.836%
Oil 65.488
0.377%
USD/JPY 154.755
1.076%
GBP/USD 1.36826
-0.917%
GBP/JPY 211.750
0.158%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
January 31st - To effectively curb the sources of cybercrime, rectify the cybercrime ecosystem, and enhance the publics sense of security and satisfaction with cybersecurity, the Ministry of Public Security, after thorough research and demonstration, has drafted the "Cybercrime Prevention and Control Law (Draft for Public Comment)," and is now soliciting public opinions. The deadline for feedback is March 2nd, 2026.January 31st - According to Lighthouse Pro, as of 9 PM on January 31st, the total box office for January 2026 reached 1.961 billion yuan, with "Zootopia 2" holding the top spot for the third consecutive month.On January 31, the "Implementation Plan of Beijing Economic-Technological Development Area on Further Accelerating the Construction of a City of Artificial Intelligence (2026-2027)" was released. The Implementation Plan systematically outlines the development goals for the Beijing Economic-Technological Development Areas city of artificial intelligence over the next two years, proposing to accelerate the construction of a city-level engineering experimental platform driven by data and scenarios, and to promote the application of artificial intelligence in various industries and households. The Implementation Plan specifies that by the end of 2027, the focus will be on building no fewer than 10 benchmark intelligent scenario complexes, promoting the application of 100 vertical models, constructing a number of high-quality industry datasets, gathering 1,000 core enterprises in the artificial intelligence industry chain, attracting 10,000 super individuals and independent developers, and significantly enhancing the scale and level of the core industries of the intelligent economy.On January 31st, Seth R. Freeman, Senior Managing Director of GlassRatner Consulting & Capital Group, pointed out that one of the primary tasks of Warsh, the newly nominated Federal Reserve Chair, will be rebuilding credibility in global markets. This is particularly important against the backdrop of strained relations between Trump and Powell over the past few months. Freeman also stated that Warsh is the best candidate, given his long experience in government. However, the best news is that we no longer have to deal with the uncertainty and market turmoil caused by Trumps constant pressure on the Fed Chair, which is good for everyone. Furthermore, he noted that the sharp drop in gold and the even more dramatic decline in silver indicate that the market is facing a stronger dollar and a different environment, especially for silver. Given this nomination, it would be unsurprising if metal prices do not rebound significantly. And given Warshs hawkish leanings, traders heavily invested in precious metals may face losses, especially those with unhedged or short positions. Some traders may find themselves in serious trouble next Monday, at least those who did not take a neutral stance or short precious metals.The U.S. Geological Survey reports a 5.3-magnitude earthquake 110 kilometers south of Akureyri, Iceland.

XAU/USD drops from three-week high above $1,750 ahead of US PCE inflation, according to the gold price forecast

Alina Haynes

Jul 29, 2022 10:44

 截屏2022-06-07 下午5.14.47.png

 

In the Asian session on Friday, buyers and sellers jostled for position near a three-week high, but the gold price (XAU/USD) was unable to maintain its two-day advance. Nevertheless, the price of the precious metal recently declined to $1,754 as the US dollar's yield was tracked in order to delay the bearish tilt before the important inflation report.

 

US Dollar Index (DXY) maintains its position at 106.00 while being close to its lowest point since July 2005. Over the past two days, the greenback gauge fell as concerns about the Fed's aggressiveness subsided.

 

On the other hand, a corrective fall in US Treasury rates following a retest of the multi-day low combines the uneven growth triggers to put pressure on the price of XAU/USD. In spite of this, the US 10-year Treasury rates are fluctuating about 2.67 percent, the lowest levels since early April, while the 2-year bond coupons are under pressure at a three-week low, down 0.14 percent intraday at the latest.

 

Following Fed Chair Jerome Powell's tease about "neutral rates," gold traders should have followed the Flash readings of the US Q2 GDP, which marked the "technical recession" by decreasing for the second time in a row, to encourage the USD currency weakness and soar even higher. Despite this, the initial estimates of the US Q2 GDP showed an annualized number of -0.9 percent compared to an expected figure of 0.5 percent and a prior figure of -1.6 percent. Additionally, the US Initial Jobless Claims increased by 256K during the week ended on July 22, above expectations by 253K.

 

However, as the US Q2 GDP fell for the second consecutive quarter, US policymakers—including Fed Chair Powell and Treasury Secretary Janet Yellen—teased the idea of a "technical recession" and attempted to dismiss it. The same questions are directed at central bankers who are urging further rate increases to rein down inflation. Additionally, meetings between US Vice President Joe Biden and his Chinese counterpart Xi Jinping went generally well and put downward pressure on the demand for the dollar as a safe haven.

 

China recently raised concerns for the XAU/USD traders after the Politburo meeting by avoiding discussing its Gross Domestic Product (GDP) objective and citing its position as one of the world's top purchasers of gold.

 

S&P 500 Futures increase by 0.5 percent amid these moves to hover close to their best levels since early June.

 

In the near future, it will be crucial to keep an eye on the Fed's favorite inflation indicator, the Core Personal Consumption Expenditure (PCE) Price Index, which is predicted to increase by 0.5 percent MoM for July compared to its previous rate of 0.3 percent.


Suggestion