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ECB Governing Council member Knot: The central banks monetary policy meeting (decision) in June will be very complicated. Medium-term inflation risks actually include both upside risks and downside risks.On April 28, sources said that the ECB decision-makers are increasingly confident that they will cut interest rates in June in response to the continued decline in inflation, but they will not make a large cut. Last week, several ECB members attended the Spring Meetings of the International Monetary Fund (IMF) and the World Bank and talked about the possibility that the eurozone and global economy may deteriorate due to US tariffs. At the same time, the latest economic data released by the eurozone also reflects this phenomenon. As for inflation, there is no sign of deterioration due to tariffs. Sources said that more ECB members believe that it is a more appropriate decision to make the eighth consecutive interest rate cut of 0.25% at the interest rate meeting on June 4. The ECB will also release its latest economic forecasts on the same day. However, ECB officials remain open-minded and will make a final decision based on the data released next month.Russian Foreign Minister Lavrov: Russia has not received any proposal from the United States to assist in the operation of the Zaporizhia nuclear power plant.Russian Foreign Minister Lavrov: Russia will continue to strike targets used by the Ukrainian military as well as foreign fighters and military instructors sent by Europe.According to the Russian Ministry of Emergency Situations, a passenger plane from Moscow to Nalichik, the capital of the Kabardino-Balkarian Republic, returned to the airport due to a malfunction of the cabin pressurization equipment after takeoff on April 27. The plane has landed safely at Moscow Sheremetyevo Airport. It is reported that the plane involved in the accident was a Boeing-737 belonging to Russias Victory Airlines.

Gold Price Prediction: XAU/USD Expects a Steady Advance to $1,980 – Confluence Detector

Alina Haynes

Feb 02, 2023 15:58

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In the early hours of Thursday, the gold price (XAU/USD) reached $1,952.50, which is the highest level since April 2022. In doing so, the XAU/USD bulls appear to take a breather after climbing the highest in two weeks, as markets prepare for a couple more central banks and the U.S. employment report.

 

Nonetheless, the Gold price rose sharply the day before after the US Federal Reserve (Fed) weakened the US Dollar with its highly anticipated and anticipated dovish raise of 0.25 percent. However, the most attention was paid to the Fed's statement indicating waning inflationary pressure and Chairman Jerome Powell's suggestions of rate reduction in late 2023 if inflation falls more quickly. Additionally supporting the XAU/USD bulls were disappointing US data and anticipation for additional stimulus from China, not to mention rising equities and declining US Treasury bond yields.

 

In addition, monetary policy meetings of the European Central Bank (ECB) and the Bank of England (BoE) could indirectly influence the price of gold via the US dollar and market sentiment. However, the January jobs report for the United States will be an important indicator on Friday.