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On January 19th, according to foreign media reports, international crude oil futures fell as the possibility of a US attack on Iran leading to supply disruptions decreased, while the market closely watched the US tariff threats over Greenland. As of 21:58 Beijing time, the March Brent crude oil futures contract fell $0.37, or 0.58%, to $63.76 per barrel. The US crude oil futures contract fell $0.28, or 0.47%, to $59.16 per barrel. Rystad analyst Janiv Shah said, "With the rumors of a US attack fading over the past few days, the market is now focused on the situation in Greenland and the extent of the potential serious consequences between the US and Europe, as any escalation of the trade war could impact demand." PVM Oil Associates analyst John Evans said the market also faces the risk of damage to Russian infrastructure and distillate supplies, as forecasts of colder weather in North America and Europe, coupled with concerns about Iran, are making the market uneasy.January 19th - Sources familiar with the matter revealed that Googles sales of Gemini AI models have surged over the past year. Gemini API calls have more than doubled, reaching 85 billion; Gemini Enterprise has grown to 8 million subscribers. Sources indicated that this is expected to boost revenue from Google Cloud server sales, a core business, as customer spending on AI often leads to additional spending on other Google products.The Syrian Democratic Forces, led by the Kurds, say that the Shadadi prison is currently outside their control.Indian Foreign Secretary: India and Afghanistan aim to double bilateral trade to $200 billion by 2032.According to Reuters calculations, Russias oil and gas revenues are expected to fall to 420 billion rubles in January due to weak oil prices and a stronger ruble.

Gold Price Prediction: XAU / USD will continue to fluctuate above $1,900 despite a decline in US Inflation

Daniel Rogers

Mar 15, 2023 11:43

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Gold price (XAU / USD) is not in danger despite U.S. inflation figures meeting expectations. Since Monday, the precious metal has been fluctuating continuously between $1,895 and $1,913. The release of the US Consumer Price Index (CPI) failed to produce a significant reaction in the Gold price; however, the upside bias appears to be solidified as wagers on lesser rate increases from the Federal Reserve (Fed) have increased.

 

The US Dollar Index (DXY) is protecting the critical support at 103.50, but it appears vulnerable to further losses as investors' risk appetite has dramatically increased. As market participants purchased S&P500 futures in response to higher odds of a smaller rate hike from Fed chair Jerome Powell, a likely recession in the US economy was postponed, signaling an uptick in optimism.

 

Contrary to the risk-on sentiment, demand for US Treasury bonds remained weak, causing 10-year US Treasury yields to rise above 3.68 percent.

 

The headline As anticipated, the US CPI increased by 0.4% on a monthly basis, and the annual figure decreased from 6.4% to 6.0%. In addition, the core CPI, which excludes crude and food prices, decreased to 5.5% from 5.6% previously. The Fed appears to be pleased with the persistence of a declining trend in US inflation.

 

In the future, investors will closely monitor the US Retail Sales (Feb) data. Monthly Retail Sales data is anticipated to decline by 0.3% compared to the previous release of a 3.0% increase. This indicates that the consumer spending rebound is over and the Fed is on course to achieve its inflation target of 2%.

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