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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

Gold Price Prediction: XAU/USD nears $1,850 resistance on China, yields favor DXY decline

Daniel Rogers

Feb 16, 2023 14:42

 截屏2023-01-19 下午3.43.28.png

 

Gold price (XAU/USD) shows modest increases near $1,840 as traders lick their wounds during Thursday's early slow activity. In doing so, the precious metal recovers from its largest daily decline in two weeks by drawing cues from cautious market optimism and a weakening U.S. dollar.

 

However, news reports concerning China and the U.S. debt ceiling appear to have supported the recent improvement in the risk profile. Consequently, Chinese President Xi Jinping crossed wires while demonstrating his willingness to expand industrial and investment cooperation with Asia. According to Chinese official media, he was followed by optimistic remarks from Chinese Finance Minister Liu Kun, who stated that 2023 fiscal revenue will increase this year, albeit at a moderate rate. Moreover, the chatter surrounding the US debt-ceiling crisis, as warned by the US Congressional Budget Office (CBO) on Wednesday according to Reuters, appeared to have raised hopes for a speedier resolution of the major issue in the coming days and probed the upward movement of US Treasury bond yields.

 

It should be noted that the World Gold Council's (WGC) update indicating China's massive Gold imports in 2022, the largest since 2018, appeared to have stabilized the XAU/USD exchange rate, particularly following the previous day's decline.

 

The US data-driven hawkish Fed bias and a rise in US Treasury bond yields appear to present the greatest threat to Gold buyers.

 

In this context, S&P 500 Futures post modest gains around 4,165 while extending yesterday's gains, while US 10-year Treasury note rates retreat following Wednesday's surge to a 1.5-month high, falling two basis points to approximately 3.78% as of press time. In spite of this, the US Dollar Index (DXY) fell 0.20% to 103.65 at the latest, after reaching a 1.5-month high the day before.

 

For new impetus, gold traders should focus on secondary US statistics about the housing market, industrial activity, and producer prices.


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