EUR/USD 1.10643
0.112%
Gold 3107.58
-0.214%
Oil 66.252
-0.078%
USD/JPY 146.070
0.003%
GBP/USD 1.30989
-0.002%
GBP/JPY 191.338
0.020%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
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 rises on Powell's dovish speech

Daniel Rogers

Dec 01, 2022 14:59

 234.png

 

The price of gold is increasing as a result of Jerome Powell's dovish speech on Wednesday, which weakened the US Dollar. At the time of writing, the Gold price is up approximately 0.6% and has risen from a low of $1,744.95 to a daily high of $1,765.

 

Earlier in the day, the price of gold reduced gains as US bond yields rose in anticipation of a highly anticipated speech by Federal Reserve Chair Jerome Powell. Powell stated, however, that policy will likely need to stay tight for some time and that it makes sense to slow the rate of interest rate hikes. The time to reduce the pace of rate hikes could arrive as early as the December meeting, according to him.

 

As a result, the gold price is on course for its best month since May 2021, thanks to the dollar's decline. Last observed, the US dollar index, DXY, was down 0.5% to 106.29, while the yield on the US 10-year note was down to 3.694%, not far from the November 28th low of 3.62%. The greenback is poised for its largest monthly loss since September 2010 as investors anticipate the Federal Reserve to reach its target interest rate in the first quarter of 2019. After four consecutive 75 bps rate hikes, the markets are now pricing in a 75% possibility of a lower 50 bps boost in December.

 

Moreover, evidence revealed that the labor market began to cool. In October, the number of job opportunities in the United States decreased to 10.3 million. The number of hiring and total separations remained relatively stable at 6 million and 5.7 million, respectively. "Job vacancies have decreased from their peak of just under 12 million in March, but with 1.7 job postings per unemployed person in the United States, the gap between labor demand and supply remains considerable," ANZ Bank analysts explained.

 

TD Securities analysts contend that a bull trap is being set in precious metals markets. "Over the past few days, systematic trend followers have substantially covered their gold shorts, while the strong price action has likely continued to draw additional long interest from discretionary money managers seeking a recession hedge amid peak central bank hawkishness."

 

"However," stated the analysts, "narrative is chasing prices, and we see many events on the docket that could spark a renewed leg lower as CTAs run out of dry powder on the bid. Alongside inflation and employment data, Chair Powell's speech is a prime possibility for a catalyst.

Suggestion