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On January 5th, Goldman Sachs commodities research team stated in a research report that the risks to oil prices posed by the turmoil in Venezuela may be unclear and have limited impact, depending on the direction of US sanctions policy. On the one hand, Venezuelan crude oil production may increase slightly in the short term, including if a US-backed government comes to power and fully lifts sanctions. On the other hand, disruptions to Venezuelan crude oil deliveries may continue or even worsen in the short term, for example, if the Maduro cabinet regains control.Hong Kong-listed mainland property stocks fluctuated upwards, with Greentown China (03900.HK) rising over 6%, China Resources Land (01109.HK) and Sino-Ocean Group (03377.HK) rising over 5%, Seazen Holdings (01030.HK) and Longfor Group (00960.HK) rising over 4%, and R&F Properties (02777.HK) and Vanke (02202.HK) rising over 3%.Hong Kong-listed auto stocks continued to decline, with Great Wall Motor (02333.HK) falling nearly 7%, NIO (09866.HK) falling over 5%, Chery Automobile (09973.HK) and XPeng Motors (09868.HK) falling over 4%, and Geely Automobile (00175.HK) falling over 3%.Hong Kong-listed innovative drug stocks performed strongly, with Ascletis Pharma (01672.HK) rising over 9%, Innovent Biologics (01801.HK), BeiGene (06160.HK), and Everest Medicines (01952.HK) rising over 5%, and Zai Lab (09688.HK) and 3SBio (01530.HK) rising over 4%.The Hong Kong court dismissed the winding-up petition for Sunac China (01918.HK).

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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