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March 5 - A member of the Iranian Council of Experts said that Irans new Supreme Leader has been elected and "will be announced as soon as possible."Irans Islamic Revolutionary Guard Corps: In wartime, the right of passage through the Strait of Hormuz will be in Irans hands.Irans Islamic Revolutionary Guard Corps says it has hit a U.S. oil tanker in the northern Gulf, and the ship is currently on fire.On March 5th, Chinese unmanned delivery company Neolix temporarily suspended its daily operations of unmanned vehicles in Abu Dhabi, United Arab Emirates. The company stated that the suspension was to comply with the deployment requirements of relevant UAE government departments and to ensure the safety of personnel and team assets. A Neolix representative for its Middle East operations stated that they had been preparing for the large-scale operation of more unmanned vehicles in the UAE for the past few months, and a fleet of vehicles arrived in the country at the end of last month. The vehicles, technology, and operational systems are all ready. They will maintain close communication with local regulatory agencies and partners and arrange for the resumption of operations in due course.On March 5th, at a press briefing held by the State Council Information Office, Chen Changsheng, a member of the drafting group for the Government Work Report and deputy director of the State Council Research Office, stated that many scenarios mentioned in the report, such as biomedicine, aerospace, and the low-altitude economy, need to be opened up. These are important emerging fields that can grow into pillar industries. For example, the low-altitude economy has developed rapidly in the past two years and has already been well-utilized in some agricultural and forestry plant protection and patrol survey fields. Therefore, the next step is to accelerate the opening up of airspace resources and optimize and simplify the approval procedures for low-altitude economic flights to open up scenarios, enabling many places to utilize low-altitude logistics and urban governance. There are many other new scenarios, including service robots, which can also open up new space for private investment.

Gold Price Forecast: XAU / USD flirts with $1,850 support convergence; Fed's Powell, US NFP in focus

Daniel Rogers

Mar 06, 2023 14:40

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Gold price (XAU/USD) remains mostly illiquid around $1,855 as traders brace for the key data/events during early Monday in Europe. Adding filters to the XAU/USD movements could be the muddled headlines from China, as well as the US Dollar’s inaction despite a pullback in the Treasury bond yields.

 

The National Development and Reform Commission of the People's Republic of China (NDRC) recently stated that it "Will further discharge the potential for consumption," adding that China's economy is consistently improving, as reported by Reuters. Earlier in the day, market sentiment deteriorated after China's National People's Congress (NPC) annual session appeared to be a gloomy event due to its development target and geopolitical concerns.

 

Elsewhere, San Francisco Federal Reserve Bank President Mary Daly highlighted the significance of incoming data to determine how high the rates can go. Previously, Atlanta Fed President Raphael Bostic renewed concerns about the Fed’s policy pivot while Federal Reserve published a semi-annual Monetary Policy Report on Friday wherein it plainly said, “Ongoing increases in the Fed funds rate target are necessary.” In addition, the report stated that the Fed is committed to restoring inflation to 2%.

 

It should be noted that US 10-year Treasury bond yields rose to their highest levels since November 2022 in the previous week before falling to 3.95% by the end of Friday and circling back to the same level at the latest. More significantly, US two-year bond coupons increased to levels not seen since 2008 before retracting to 4.85% as of press time. That said, the S&P 500 Futures print mild gains, mirroring Wall Street’s movements amid a light sluggish start to the key week, whereas the US Dollar Index (DXY) remains depressed around 104.45, down 0.05% intraday by the press time.

 

Moving ahead, Gold traders may witness further inaction in the market as traders remain cautious before the key events including Fed Chair Jerome Powell’s Testimony, China’s inflation data and Friday’s US employment report for February.


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