EUR/USD 1.16701
-0.144%
Gold 4225.88
-2.313%
Oil 57.108
0.343%
USD/JPY 150.476
0.031%
GBP/USD 1.34371
0.019%
GBP/JPY 202.200
0.056%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Russian Ministry of Defense: Air defense system shot down 45 Ukrainian drones overnight.Silver prices have hit record highs recently. Data from the Korea Gold Exchange showed that on October 17th, the price of silver reached 2,467 won (approximately 12 yuan) per gram, a year-to-date increase of nearly 70%, exceeding the increase in gold over the same period. This surge in demand for silver among South Korean investors has led to tight market supply. So far this year, major South Korean commercial banks have generated cumulative silver bar sales of 10.4 billion won (approximately 52.08 million yuan), 13 times higher than the same period last year. Due to the shortage of silver bars in the market, South Korean commercial banks and major precious metals sales platforms have announced that they will suspend silver bar sales starting on the 20th of this month.1. October 24th – Federal employees, whether furloughed or working, will miss their first full paycheck, forcing lawmakers to act. They have already missed partial paychecks, placing significant financial strain on over 2 million employees and their families. 2. October 31st – The Trump administration this week deployed $8 billion in unused research and development funds from fiscal year 2025 to ensure 1.3 million active-duty military personnel receive their October 15th paycheck. However, whether this can be done again before Halloween (November 1st) remains uncertain. 3. October 31st and November 5th – Senate clerks will miss their first full paycheck on October 20th (paid on the 5th and 20th of each month). House clerks will miss their paychecks at the end of October (paid at the end of each month) and, if they do, will not receive their paychecks until after Thanksgiving, creating significant financial hardship. 4. November 1st – Open enrollment for the Affordable Care Act. Healthcare is a primary concern for the shutdown, with Democrats aiming to pressure Republicans to reach an agreement on strengthening subsidies for Obamacare before open enrollment begins. 5. November 21 – If the shutdown continues into late November, it could lead to TSA staffing shortages and air traffic control issues for Americans during the busy Thanksgiving travel week. Air traffic control chaos in early 2019 was a key factor in forcing the government to end the longest shutdown in history.On October 19th, local time, Pakistani Deputy Prime Minister and Foreign Minister Dar welcomed the ceasefire agreement reached between Pakistan and Afghanistan in Doha, Qatar, on the evening of the 18th on social media, calling it "the first step in the right direction." Dar also expressed hope that at the next round of meetings hosted by Turkey, a concrete and verifiable monitoring mechanism would be established to address the threat of attacks from Afghanistan into Pakistan. On the same day, Afghan government spokesman Zabiullah Mujahid issued a statement announcing that negotiations between Afghan and Pakistani representatives in Qatar had concluded with the signing of a bilateral agreement. Neither side will take any hostile actions against the other, nor will they support groups that attack the Pakistani government. Both sides will refrain from targeting each others security forces, civilians, or critical infrastructure. A mechanism will be established to review bilateral positions and ensure the effective implementation of the agreement, mediated by an intermediary.The General Staff of the Ukrainian Armed Forces: In the past day, the Russian army lost about 1,000 soldiers, as well as 3 armored personnel carriers, 45 artillery systems and other equipment.

Gold Price Prediction: As the USD Index attempts to recover, XAU/USD is likely to encounter resistance near $1,830

Alina Haynes

Feb 24, 2023 14:25

 50.png

 

Gold price (XAU / USD) has detected resistance while extending its recovery above $1,828.00 in the Asian session. As the US Dollar Index (DXY) has attempted a recovery following a correction to around 104.10, the precious metal's bearish pressure appears to be strong. It appears that the risk-taking impulse has subsided and investors are returning to the risk-aversion theme.

 

Following a favorable Thursday, S&P500 futures are showing moderate losses. Global equities are susceptible to extreme volatility as additional announcements of interest rates may be necessary to combat persistent inflation. A small majority of equity analysts surveyed by Reuters anticipated a correction within three months.

 

After a severe correction, yields on US government bonds are still struggling to recover. At the time of writing, 10-year US Treasury Yields were approximately 3.87 percent.

 

Investors will monitor the Personal Consumption Expenditure (PCE) Price Index figures for additional guidance. Annually, the economic data is anticipated to be 4.3% higher than the previous release of 4.4%. The monthly data is anticipated to increase by 0.4%, compared to the 0.3% previously reported. Price pressures in the U.S. economy have shown resiliency following a downward trend, which was driven by a rebound in household expenditure and a positive labor market.

 

The US Department of Labor reported a decline in Initial Jobless Claims (IJC) to 193K on Thursday, below Bloomberg's estimates of 200K. Continuing claims, which include individuals who have received unemployment benefits for a week or more, decreased by 37,000 to 1.65 million in the week ending February 11, according to Bloomberg. This was the largest decrease since December.

 

Undoubtedly, the labor market is exceptionally robust, as evidenced by the declining number of jobless claims, the lowest unemployment rate in decades, and robust job creation. This strengthens the notion that the Federal Reserve (Fed) cannot halt further rate hikes.


Suggestion