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Russian Deputy Foreign Minister: Russia and Belarus are always prepared to use all available means, including nuclear weapons, to ensure security.On June 9th, EU High Representative for Foreign Affairs and Security Policy Kallas stated on the 8th that every effort must be made to enable dialogue between Russia and Ukraine, while Europes core security interests must also be respected. However, Kallas believes now is not the right time to begin negotiations with Russia on the Ukraine issue. It is understood that there are still differing opinions within the EU regarding how to promote negotiations and when to initiate substantive contact, with some countries believing that the conditions for serious negotiations with Russia are not yet in place. The leaders of Britain, France, and Germany met with Ukrainian President Zelensky in London on the 7th and issued a joint statement expressing support for direct dialogue between Ukraine and Russia.1. U.S. stock indexes closed mixed. The Dow Jones Industrial Average fell 0.16% to 50,786.01 points, the S&P 500 rose 0.3% to 7,405.73 points, and the Nasdaq Composite rose 0.86% to 25,929.66 points. Travelers Group fell more than 2%, and Apple fell nearly 2%. Chip stocks rebounded, with the Philadelphia Semiconductor Index rising 5.61%, Intel rising more than 11%, and Marvell Technology rising more than 9%. The Wind U.S. Tech Big Seven Index fell 0.22%, with Google and Microsoft falling more than 1%. 2. European stock indexes closed mixed. The German DAX fell 0.58% to 24,616.22 points; the French CAC40 fell 0.23% to 8,199.29 points; and the UK FTSE 100 rose 0.05% to 10,373.20 points. 3. International precious metals futures generally closed lower. COMEX gold futures fell 0.26% to $4,353.80 per ounce, and COMEX silver futures fell 1.13% to $68.33 per ounce. 4. The most active US crude oil contract closed up 0.82% at $91.28 per barrel; the most active Brent crude oil contract rose 1.1% to $94.11 per barrel.June 9th - A survey released on Tuesday showed that British consumers increased spending in May after cutting back in April, but spending on travel declined for the third consecutive month, indicating market caution regarding the economic impact of the war with Iran. Barclays and the British Retail Consortium stated that hot weather boosted sales of clothing and other goods.UK BRC total retail sales rose 3.7% year-on-year in May, compared with -3% in the previous month.

Gold Price Prediction: The XAU/USD pair will fall below $1870 as yields rise ahead of Fed Chair Powell's speech

Alina Haynes

Jan 10, 2023 14:55

截屏2023-01-09 下午5.31.06_1024x576.png

 

In the Tokyo session, the gold price (XAU/USD) has fallen below the immediate resistance of $1,870.00. The precious metal has broken through the consolidation formed in the band of $1,870.00-1,881.50 as demand for US government bonds deteriorates ahead of the speech by Federal Reserve (Fed) chairman Jerome Powell on Tuesday.

 

The 10-year US Treasury yields have risen beyond 3.54 percent, dampening risk appetite. Meanwhile, S&P500 futures have become volatile following a sell-off late in Monday's session, signaling caution in establishing positions in risky assets. The US Dollar Index (DXY) is anticipated to attempt a break above the immediate resistance of 103.00 into the auction area.

 

Investors anticipate Fed Powell's speech for fresh cues, as it will provide a head start for the entirety of CY2023. Despite a sharp reduction in December wage inflation, some Fed policymakers continue to endorse a terminal rate prediction of 5.00-5.25%.

 

Mary Daly, president of the San Francisco Fed Bank, argued that interest rates between 5% and 5.25 percent are fair. Also, the president of the Atlanta Federal Reserve bank, Raphael Bostic, anticipates an interest rate peak in the range of 5% to 5.25 percent and the continuation of higher interest rates through CY2023.

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