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June 4th - According to CNN, sources say the US and Iran have discussed a plan to establish an investment fund for Iran, which, if a final agreement is reached, would provide billions of dollars for Irans reconstruction. The US will not invest in the fund; most of the funding will come from Gulf states. Currently, the White House maintains that it will not provide any economic relief to Iran until it relinquishes its stockpile of highly enriched uranium, using the statement "no nuclear fallout, no unfreezing of funds" as a succinct expression of its red line.June 4th - From January to April 2026, the cumulative export delivery value of the electronic information manufacturing industry above designated size increased by 5.4% year-on-year, 1.2 percentage points higher than in the first quarter. In April alone, the export delivery value of the electronic information manufacturing industry above designated size increased by 8.8% year-on-year. According to customs statistics, from January to April, my country exported 34.64 million television sets, up 3.9% year-on-year; exported 218 million mobile phones, down 2.4% year-on-year; and exported 117 billion integrated circuits, up 10.6% year-on-year.June 4th - From January to April 2026, my countrys electronic information manufacturing industry maintained rapid growth, with exports steadily increasing and industry efficiency significantly improving, showing a positive development trend. The added value of the electronic information manufacturing industry above designated size increased by 14% year-on-year, 8.4 and 1.4 percentage points higher than the growth rates of the overall industrial sector and high-tech manufacturing sector, respectively. In April, the added value of the electronic information manufacturing industry above designated size increased by 15.6% year-on-year. Among major products, mobile phone production reached 452 million units, a year-on-year increase of 0.3%, of which smartphone production reached 390 million units, a year-on-year increase of 6.5%; microcomputer equipment production reached 95.426 million units, a year-on-year decrease of 10%; and integrated circuit production reached 176.97 billion units, a year-on-year increase of 24.7%.June 4th - This summer, international sporting events have fueled a continued surge in outbound tourism. Data shows that with the 2026 FIFA World Cup to be held in the United States, Canada, and Mexico, destinations related to the events are attracting significant attention from Chinese tourists, with accommodation bookings tripling year-on-year. Monterrey, Mexico, in particular, has seen a 14-fold increase in search popularity due to the event, becoming a newly popular destination. The inbound tourism market is also booming. Data shows that as of June 2nd, the number of planned inbound flights for July exceeded 43,000; inbound flight bookings exceeded 1.52 million, an increase of approximately 6% year-on-year. Popular destination cities include Shanghai, Beijing, Guangzhou, Chengdu, Shenyang, and Urumqi. Meanwhile, distinctive smaller cities such as Ganzhou, Mianyang, Tongliao, and Beihai are also attracting more foreign tourists.The CFO of Worldchip Technology stated that global revenue from custom AI chips will exceed $270 billion by 2030. This figure "will continue to rise."

Gold Price Prediction: XAU/USD bears at $1,650 on Fed hawkishness and China news

Daniel Rogers

Sep 19, 2022 14:34

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During early Monday morning in Europe, the gold price (XAU/USD) maintains a position close to the intraday low at $1,670. In doing so, metal prices endure the weight of a stronger U.S. dollar amidst a sluggish session caused by Japanese and British vacations. The cause may be related to the Fed's hawkish bets and China-related news stories.

 

US Dollar Index (DXY) reverses a two-day slump while posting intraday gains of 0.18 percent at 109.85 as of press time. Indicators of the U.S. dollar's value versus the six major currencies have recently been buoyed by the University of Michigan's September consumer sentiment report and the market's positive expectations on the Fed's next move. Consequently, the probability of a 75-basis-point (bps) rate hike by the Federal Reserve increased to 80%, while the market's estimates of a one-percentage-point increase in the Fed rate rose to 20% at the latest.

 

US President Biden stated elsewhere, "I'm more positive than I've been in a long time." The national leader also claimed that inflation will be brought under control. On the same line are the covid updates from China, which have unlocked Dalian and Chengdu while observing zero coronavirus cases in Beijing and one, as opposed to zero the day before, outside of Shanghai's quarantine zone. However, US President Biden's willingness to support Taiwan in the event that China assaults Taiwan and hawkish expectations for the Federal Reserve appear to weigh on the steel price ahead of the major monetary policy pronouncements.

 

In addition, the People's Bank of China (PBOC) reduces the 14-day reverse repo rate by 10 basis points to 2.15 percent. "With no maturing reverse repos on Monday, the Chinese central bank injects 12 billion yuan," reports Reuters. The same might have indicated that the dragon nation is not in recovery mode and requires more rate cuts than rate raises, which could have caused the gold price to plummet. The cause is China's position as one of the world's largest gold consumers.

 

In light of this, the S&P 500 Futures post modest losses while mirroring Wall Street's Friday close. Notably, the selling in Japan curbs bond movements in Asia, but yields are robust near the multi-day high due to fears of a recession and hawkish Fed views.

 

Moving forward, a light economic calendar and important market holidays may limit intraday XAU/USD price fluctuations. However, bears are expected to maintain control because to aggressive Fed expectations, which, if dashed, might defy the bearish chart pattern and spark the long-awaited rally.

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