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Hong Kong stocks closed higher, with the Hang Seng Index rising 0.60% and the Hang Seng Tech Index rising 2.20%. Sectors such as chips, optical communications, robotics, and artificial intelligence led the gains. Lenovo Group (00992.HK) rose more than 9%, with its market capitalization exceeding HK$460 billion, a record high.Intel (INTC.O) shares rose more than 3% in pre-market trading.ECB Governing Council member Kazak: The exact level of the neutral interest rate is not the main issue at present. We must prevent a second round of effects.The Eurozones seasonally adjusted current account for July will be released in ten minutes.Interest Rate Decision: 1. Interest Rate Decision: The Bank of Japan raised interest rates by 25 basis points as expected. 2. Voting Ratio: 7-2, with Asada and Sato dissenting on the interest rate decision. 3. Forward Guidance: The Bank of Japan will continue to raise interest rates based on economic and price developments and financial conditions. It will review the situation in the Middle East, the demand for artificial intelligence, and the impact of foreign exchange on the economy and prices to formulate policy. 4. Economic Outlook: The Japanese economy is recovering moderately, but it cannot be simply stated that the economic situation is strong. 5. Inflation Outlook: Inflation expectations have risen moderately. Wholesale inflation remains high due to the impact of oil, foreign exchange, and artificial intelligence demand, and there is a risk that underlying inflation will exceed the 2% target. 6. Artificial Intelligence: The Bank of Japan will closely monitor the demand for artificial intelligence, which has an impact on inflation. Press Conference: 1. Interest Rate Outlook: The Bank of Japan will continue to raise interest rates based on economic, price, and financial conditions; it is not considering raising rates at a specific time, and there is no predetermined pace of rate hikes; it does not rule out any specific policy measures, depending on the inflation situation. 2. Economic Outlook: The Japanese economy is likely to continue to grow moderately, and overall financial conditions remain loose. The degree of looseness is diminishing. 3. Inflation Expectations: There is a risk that potential inflation will exceed the 2% target, and the risk of inflation overshooting is rising. The situation in the Middle East is a factor that increases inflation risk. 4. Internal Disagreements: It is normal for committee members to have differing views. Disagreements in this decision-making process are not a problem.

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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