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Real-time News
August 1st - According to Shenzhen TV News, Shenzhens real estate market continued its active momentum from the first half of the year since July. A total of 8,324 new and existing homes were sold in July, a year-on-year increase of 13.8%. In July alone, 3,529 new homes were sold, a year-on-year increase of 32.7%. "Good housing" projects have continued to sell well this year, with an average sell-through rate of around 70% on the opening day, indicating high market activity. In July, 4,795 existing homes were sold, a year-on-year increase of 3%, accounting for approximately 60% of total new home sales.On August 1st, the Ministry of Natural Resources, the National Forestry and Grassland Administration, the China Coast Guard, and the Hainan Provincial Peoples Government jointly issued the "Management Measures for Huangyan Island National Nature Reserve." According to the measures, my country will establish a daily patrol system in the Huangyan Island National Nature Reserve to promptly investigate and punish various illegal activities. Officials from the Department of International Cooperation (Department of Marine Rights) of the Ministry of Natural Resources and the Department of Nature Reserve Management of the National Forestry and Grassland Administration stated on August 1st that the South China Sea Bureau of the Ministry of Natural Resources will assume the management responsibilities for the Huangyan Island National Nature Reserve, including daily protection and management, resource surveys and monitoring, and ecological protection and restoration. Given the reserves unique geographical location and complex and diverse ecosystem structure, the Coast Guard should work with the management agency to establish a daily patrol system, appropriately allocate patrol personnel and equipment, and promptly investigate and punish various illegal activities that damage the natural resources and ecological environment of the reserve. Related illegal activities will be investigated and prosecuted in accordance with the provisions of the Ecological Environment Code, the Law on the Administration of Marine Area Use, the Law on the Protection of Islands, the Wildlife Protection Law, the Coast Guard Law, and the Regulations on Nature Reserves.SAIC-GM-Wulings global sales reached 120,050 units in July, with 72,695 new energy vehicles sold.Jihu Auto: 23,517 vehicles were delivered in July, up 150.45% year-on-year, with cumulative deliveries exceeding 100,000 vehicles from January to July.On August 1st, Japans Ministry of Finance posted on the social media platform X that the Japanese monetary authorities have multiple tools at their disposal to meet market liquidity needs. These tools include, as appropriate, the use of the Federal Reserves Standing Repurchase Facility (FIMA), which accepts U.S. Treasury securities as collateral to provide temporary dollar liquidity. The Ministry of Finance stated, "We are prepared to utilize available tools as needed to support the orderly functioning of the market."

Gold Price Prediction: XAU/USD Retraces to $1,800 Prior to US NFP

Alina Haynes

Dec 02, 2022 15:36

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Gold price (XAU/USD) replicates the traditional pre-NFP consolidation pattern as it falls from a four-month high to $1,780 on Friday morning. Consequently, the yellow metal records its first daily loss in four days amid cautious market conditions.

 

Amid sluggish trading hours, recent comments from International Monetary Fund (IMF) Managing Director Kristalina Georgieva seems to have weighed on the XAU/USD bulls in addition to the apprehension around the release of vital US job statistics. "Recession risks are rising for many countries, and the outlook for global growth is extraordinarily uncertain and dominated by risks," stated Georgieva of the IMF.

 

In addition, concerns regarding the deceleration of the Initial Public Offering (IPO) markets may have contributed to the Gold price decline. "A global slowdown in initial public offerings owing to increased market volatility and a regulatory cloud over fresh listings from China has produced pent-up demand that could lead to an IPO boom in 2023," according to industry experts speaking at the Reuters NEXT conference.

 

In addition, the recent comments from New York Fed's John Williams appeared to have tested US Dollar bears and helped Gold sellers, as the policymakers stated that the Fed has more rate hikes to implement.

 

S&P 500 Futures fall 0.30 percent intraday to 4,070, although US 10-year Treasury yields rebounded from a 10-week low to reach 3.53 percent as of press time.

 

Notably, the dovish fears regarding the US Federal Reserve's (Fed) next move, supported by the gloomy Fedspeak and softer US statistics, appear to keep gold bears optimistic ahead of the US jobs report. Forecasts indicate that headline Nonfarm Payrolls (NFP) will likely decrease to 200K from 261K previously, while the unemployment rate is projected to remain steady at 3.7%. It should be noted that a probable decrease in Average Hourly Earnings for the month in question could also weigh on the Gold price.

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