EUR/USD 1.16467
-0.028%
Gold 3339.19
-0.267%
Oil 62.962
0.288%
USD/JPY 147.467
0.112%
GBP/USD 1.34519
-0.019%
GBP/JPY 198.351
0.089%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
AkerBP, a Norwegian independent oil company, has made a major oil discovery in the Ingdlasir area, with recoverable reserves estimated at 96 million to 134 million barrels of oil equivalent.On August 21st, PGIM Chief Global Economist Daleep Singh stated in a report that Federal Reserve Chairman Powell may signal a more gradual approach to rate cuts at the Jackson Hole conference. Last weeks US CPI and PPI data showed that inflation remained stubbornly above 3%. He noted that the number of CPI components exceeding 4% was equal to that below 2%, a first since the inflation peak of 2021-2022. Against this backdrop, PGIM remains confident in its forecast, predicting that the Fed will have cut interest rates by a cumulative 100 basis points by next year, approximately 50 basis points below current market expectations.Futures data for August 21st: 1. WTI crude oil futures trading volume was 735,176 contracts, down 25,376 contracts from the previous trading day. Open interest was 1,919,936 contracts, down 2,885 contracts from the previous trading day. 2. Brent crude oil futures trading volume was 143,494 contracts, up 12,785 contracts from the previous trading day. Open interest was 207,416 contracts, up 1,980 contracts from the previous trading day. 3. Natural gas futures trading volume was 488,686 contracts, down 107,644 contracts from the previous trading day. Open interest was 1,621,245 contracts, up 17,475 contracts from the previous trading day.Hong Kong stocks of innovative drug concepts rose in the afternoon, Lepu Biopharmaceuticals (02157.HK) rose more than 9%, Fuhong Hanlin (02696.HK) rose more than 5%, Junshi Biosciences (01877.HK), Rongchang Biopharmaceuticals (09995.HK) and other stocks followed suit.AAC Technologies (02018.HK) fell more than 10%. The companys net profit in the first half of the year increased by 63.1% year-on-year.

Forecasts for the price of gold: XAU/USD remains below $1,800 despite worries about the economy and optimism in China

Alina Haynes

Dec 07, 2022 14:52

 181.png

 

The current difficulty of the yellow metal to find direction increased as China's trade surplus decreased in November as both imports and exports fell during the aforementioned month. The gradual increase in US Treasury yields amid worries of a global economic downturn is on the same track.

 

It's important to note that numerous eminent business leaders and bank executives have recently expressed concern about a possible worldwide recession. Bloomberg Economics made comments along the same lines.

 

However, the gold price appears to be supported by China's willingness to announce responsible fiscal and monetary measures as well as indications that the three-year-old Zero-Covid policy may be progressively abandoned.

 

US stock futures post modest gains amid these plays, but stocks in the Asia-Pacific region trade in a mixed bag. However, during the pre-FOMC blackout, hawkish bets on the Fed's upcoming action were not supported by US inflation predictions.

 

Ahead of Thursday's China inflation data and Friday's preliminary US Michigan Consumer Sentiment Index readings, gold traders may find some amusement in China's probable risk-positive statements and secondary data.

Suggestion