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Irans Judiciary News Agency reported that an Iranian businessman was detained in Italy and will return to Iran in the coming hours.On January 12, SpaceX announced on the X social network that the seventh test launch of the Starship will be postponed to January 15. Previously, the company said the launch was scheduled for January 13. It should be noted that during the flight, the spacecraft will attempt to deploy a payload in space for the first time, releasing 10 Starlink satellite models.On January 12, the Financial Supervision Administration held a 2025 supervision work meeting. The meeting pointed out that multiple measures should be taken to help the economy recover and improve. We will step up efforts to implement a package of incremental policies to stabilize growth. We will take the lead in establishing a coordination mechanism to support financing of small and micro enterprises, and expand the policy of interest-free loan renewal to medium-sized enterprises in stages. The scope of the pilot equity investment of financial asset investment companies has been expanded to 18 cities, and the scale of the signed intended funds has exceeded 340 billion yuan. We will provide guidance on the response and disposal of natural disasters such as rainstorms and typhoons and major accidents. The insurance industry paid out more than 2.3 trillion yuan.Kuwait set its February crude oil sales to the United States at a premium of $3.70 per barrel (over the Oman/Dubai average price), and its crude oil sales to Asia at a premium of $0.45 per barrel. It set its February crude oil sales to northwestern Europe at a discount of $3.40 per barrel, and its February crude oil sales to the Mediterranean region at a discount of $3.4 per barrel.On January 12, the booking for the 2025 Spring Festival travel has reached its peak. According to Qunars big data, January 25 may become the peak of the number of people traveling in a single day during the Spring Festival. At present, the train tickets for January 25 have been put on sale, and some popular train tickets for visiting relatives have been sold out, driving the sales of Spring Festival air tickets to a peak. According to the analysis of Qunar Big Data Research Institute, this years Spring Festival, many people will choose to take leave on January 26 and 27 to make an 11-day super-long holiday. According to the current booking situation, the highest number of trips is on January 25, exceeding the day before New Years Eve. The long holiday has spawned a "transition vacation", first going home to visit relatives, then traveling, and finally returning to work and school. Many passengers will quickly and frequently "transfer" between multiple places. The number of passengers who purchased multiple tickets within 11 days has increased by 50% year-on-year.

Gold price forecast: US NFP, clear break above $1,717

Daniel Rogers

Sep 02, 2022 14:42

截屏2022-08-31 下午2.37.05_1024x576.png 

 

Gold price (XAU/USD) approaches $1,700 in Friday's Asian session, indicating a corrective pullback from the yearly low. Traders anticipate August's US Nonfarm Payrolls (NFP) and Unemployment Rate to determine gold's recovery.

 

XAU/USD pares recent losses at $1,698 and bounces off the lowest levels since July 21. Recent gains look to be pre-NFP market consolidation.

 

Hawkish Fedspeak and higher US data have weighed on XAU/USD values recently.

 

US ISM Manufacturing PMI for August was 52.8, compared to 52.0 expected. S&P Manufacturing PMI for August rose from 51.3 to 51.5, compared to 52.2 in July. US Initial Jobless Claims decreased to 232K from 248K and 237K. Unit Labor Cost grew 10.2% QoQ in Q2 versus 10.7% expected, while Labor Productivity fell 4.1% versus 4.5% expected and -4.6% before.

 

A covid-led lockdown in Chengdu, China, and a dismal Caixin Manufacturing PMI provide a bleak picture for the world's second-largest economy. Escalating geopolitical tension between Beijing and Washington via Taiwan might be similar.

 

Atlanta Fed President Raphael Bostic said inflation is 'far' from 2%. New Dallas Fed President Lory Logan said, "Restoring price stability is No. 1"

 

Wall Street closed neutral, but 10-year Treasury rates hit a high since late June. The 02-year rose to the 15-year top. CME's FedWatch Tool indicates 72% possibility of a rate hike in September, up from 69% earlier.

 

US Treasury rates and the US Dollar Index (DXY) fell from multi-year highs by press time.

 

US Nonfarm Payrolls (NFP) and Unemployment Rate for August are significant for gold dealers.