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South Koreas upcoming local elections entered their 100-day countdown on February 22, with political parties intensifying their preparations to garner voter support. This election is considered the first major test since President Lee Jae-myung took office, and the success of his ruling Democratic Party is a key focus of international attention. South Koreas local elections are held every four years, electing leaders of provincial, special city, metropolitan city, city, county, and district governments, as well as education supervisors, education councilors, and local councilors at various levels of local autonomy. The new local elections are scheduled for June 3, coinciding with by-elections for members of the National Assembly. According to regulations, public officials running for office must resign by March 5, while members of the National Assembly must resign by May 4.The EU will hold an emergency meeting on the 23rd to reassess the trade agreement reached between the EU and the US in 2025. The European Parliaments International Trade Committee was originally scheduled to meet on the 24th to vote on legislative proposals to advance the ratification of the trade agreement.A spokesperson for the Ministry of Commerce stated: We have noted the ruling of the U.S. Supreme Court in the tariff lawsuit and are conducting a comprehensive assessment of its content and impact. China has consistently opposed all forms of unilateral tariff increases and has repeatedly emphasized that there are no winners in a trade war, and protectionism leads nowhere. The U.S.s unilateral measures, such as reciprocal tariffs and fentanyl tariffs, violate both international trade rules and U.S. domestic law, and are not in the interests of any party. Facts have repeatedly proven that cooperation between China and the U.S. benefits both sides, while confrontation harms both. China urges the U.S. to cancel its unilateral tariffs on its trading partners. We have also noted that the U.S. is preparing alternative measures, such as trade investigations, in an attempt to maintain tariffs on its trading partners. China will closely monitor this and firmly safeguard its interests.Nasdaq futures extended their losses to 1%, S&P 500 futures are currently down 0.75%, and Dow futures are down 0.6%.Goldman Sachs: Potential easing of sanctions on Iran/Russia will accelerate the increase in crude oil inventories and release more supply in the long term, with crude oil prices expected to have a downside of 5% to 8% in the fourth quarter of 2026.

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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