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On May 11th, Goldman Sachs issued a research report stating that Lao Pu Gold (06181.HK) has seen its share price correct 18% since March, and considers its risk-reward ratio attractive. The report points out that despite recent gold price volatility, brand momentum and continued customer acquisition should support growth. The bank noted that performance during the May Day holiday met management expectations, with gross margin currently above 45%, which is expected to contribute to an upward trend in second-quarter net profit margin. Management plans to upgrade 8 to 12 stores in mainland China this year and open 5 to 6 new stores outside mainland China. Goldman Sachs expects consumer sentiment to gradually recover if gold prices stabilize. The bank maintains its "Buy" rating on Lao Pu Gold with a 12-month target price of HK$1108.On May 11th, BOC International issued a research report, initiating coverage of Biren Technology (06082.HK). The report points out that as a leading domestic GPGPU manufacturer, the company will fully benefit from the exponential growth in Chinas AI computing power demand. In addition to its technological leadership from chip to system level, the bank believes that Biren Technologys deep integration with the domestic supply chain provides it with a key competitive advantage over its peers. The bank forecasts that Biren Technology will achieve a CAGR of 137% in revenue between 2025 and 2028, and expects it to achieve break-even in 2027, mainly due to the commercialization of its next-generation products in the second half of 2026. BOC International initiated coverage with a "Buy" rating and a target price of HK$74.43, based on a 20x 2027 expected price-to-sales ratio.ECB Governing Council member Koch said: "The ECBs objective is clear: to keep inflation at 2% over the medium term. The Governing Council will take all necessary measures to achieve this goal."ECB Governing Council member Koch said that medium- and long-term inflation expectations are more important for interest rate decisions; although there have been no major changes in these expectations so far, there are some initial signs that they have changed.ECB Governing Council member Koch said (when asked if the ECB might raise interest rates at its next meeting): "Unless the situation improves significantly, a rate hike in the near future is inevitable."

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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