EUR/USD 1.18986
0.651%
Gold 5077.23
2.503%
Oil 64.312
1.597%
USD/JPY 156.073
-0.651%
GBP/USD 1.36673
0.361%
GBP/JPY 213.314
-0.292%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On Monday, February 9th, the German DAX 30 index closed up 284.52 points, or 1.15%, at 25004.32; the UK FTSE 100 index closed up 15.84 points, or 0.15%, at 10385.59; the French CAC 40 index closed up 49.44 points, or 0.60%, at 8323.28; the Euro Stoxx 50 index closed up 60.96 points, or 1.02%, at 6059.36; the Spanish IBEX 35 index closed up 244.61 points, or 1.36%, at 18187.91; and the Italian FTSE MIB index closed up 923.30 points, or 2.01%, at 46800.50.February 10th - European Central Bank (ECB) Governing Council member Jean-Claude Nagel stated that the ECBs current policy interest rate is at an appropriate level, and inflation, after a brief dip, is expected to stabilize near the 2% target. The ECB unanimously decided last week to keep its main interest rate unchanged at 2%, but some policymakers remained concerned that inflation, which had slowed to 1.7% last month, might weaken further, forcing the Eurozone central bank to take action. Nagel stated that the ECB would only intervene if medium-term inflation expectations deviated "persistently and significantly" from the target, but this does not appear to be the case at present. He said, "Several factors suggest that the current interest rate level is appropriate. First, the (inflation) below target is short-term and limited in magnitude; in the medium term, inflation remains at our target level." He added that long-term inflation expectations are "firmly anchored," and core inflation indicators support this assessment, as does the latest update to the ECBs December forecasts.The US 3-month Treasury auction ended February 9th with a winning yield of 3.6%, compared to 3.60% previously.The bid-to-cover ratio for the US 3-month Treasury bond auction as of February 9 was 2.76, compared to 2.81 previously.The US auction of 6-month Treasury bonds ending February 9th yielded a winning bid of 3.5%, compared to 3.53% previously.

Gold Price Forecast: The XAU/USD pair struggles to continue its climb above $1,870, although the upside remains likely

Alina Haynes

Jan 09, 2023 12:00

134.png 

 

During the Asian session, the gold price (XAU/USD) is hovering in a narrow range around the immediate barrier of $1,870. The precious metal hopes to extend its uptrend in light of market players' increased risk appetite.

 

S&P500 futures have contributed to their gains during Friday's surge, indicating an optimistic market sentiment. The US Dollar Index (DXY) has detected resistance at 103.50 and is likely to find support near 103.00. The yields on 10-year US Treasuries have decreased to approximately 3.56 percent due to a loss in safe-haven attraction.

 

Amidst mounting prospects of a U.S. recession, the gold price is garnering considerable attention. Following a string of declines in the US ISM Manufacturing PMI, the Services PMI has also declined, indicating a decline in overall demand in the United States economy. The Services PMI dropped sharply to 49.6 compared to the predicted 55.0. In addition, the New Orders Index, a measure of future demand, plummeted to 45.2% as opposed to the anticipated 58.5%. The U.S. dollar is affected by a slowdown in economic activity and its expectations for the future.


Suggestion