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An Iranian Foreign Ministry spokesman said that Tehran’s response to the U.S. 14-point proposal regarding Iran has not yet been conveyed to Pakistan.On May 6, advisory firm SOC Investment Group urged the U.S. Securities and Exchange Commission (SEC) to investigate SpaceXs financial situation ahead of its potential IPO, which could value the company at over $2 trillion. The firm stated that SpaceXs relationships with other companies under Elon Musks umbrella are concerning. According to a letter dated May 6 and filed with the SEC, SOC requested the SEC review the accuracy and reliability of SpaceXs financial disclosures and ensure the independence of SpaceXs auditors. SOC also urged the SEC to focus on the accounting treatment of transactions between SpaceX and Musks other companies. The letter stated, "We are particularly concerned that SpaceXs IPO will expose a significant number of investors to a company whose value may decline after its financial disclosures have been independently reviewed and verified."May 6th - According to a foreign media survey, OPECs crude oil production fell to a 36-year low last month as the ongoing war with Iran continues to hamper Persian Gulf exports and force more oil fields to shut down. The survey shows that OPECs crude oil production fell by 420,000 barrels per day in April to 20.55 million barrels per day, the lowest level since 1990, mainly dragged down by further declines in production from Kuwait and Iran. The survey shows that Kuwait saw the largest drop in production last month, with daily output falling by 470,000 barrels to 800,000 barrels per day, less than a third of pre-war levels. The countrys exports have fallen to only 22,000 barrels per day. Iran followed, with production falling by 180,000 barrels per day to 3.05 million barrels per day, more than doubling the cumulative reduction since the start of the war. OPEC also suffered another blow last week. The United Arab Emirates announced its withdrawal from the organization, after years of friction with the organizations leader, Saudi Arabia, over production limits. The April survey still included UAE data because the UAEs withdrawal only officially took effect on May 1st.Google has made a proposal to the European Union aimed at avoiding fines in the news search case.Nvidia (NVDA.O) shares rose up to 5%.

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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