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The Ukrainian Foreign Minister stated that Russian President Vladimir Putin coldly ordered a large-scale missile attack on Ukraine during a meeting with a delegation in Abu Dhabi.The mayor of Kyiv, Ukraine, said that heating has been cut off in nearly 6,000 buildings in the Ukrainian capital following the Russian attack.On January 24th, Venezuelan Defense Minister López Obrador stated that in the US-led attack on Venezuela on January 3rd, the US military used new weapons on a large scale for the first time and employed artificial intelligence to conduct an "unprecedented systematic bombing," using Venezuela as a "testing ground" for new weapons and technologies. López Obrador called on Venezuela to continue along the path of defending its sovereignty and independent development.Pakistans Ministry of Foreign Affairs: Deputy Prime Minister Ishaq Dar received a phone call today from Iranian Foreign Minister Araqchi.On January 24, a working group on security issues composed of representatives from Russia, the United States, and Ukraine held its first meeting in Abu Dhabi, the capital of the United Arab Emirates, on the evening of January 23. This meeting marks the first trilateral contact between Russia, the United States, and Ukraine since the escalation of the Russia-Ukraine conflict in February 2022, and is scheduled to last two days. Ushakov, the Russian Presidents foreign policy advisor, stated that the talks were "constructive" and "highly productive." Ushakov emphasized that there is no hope of a long-term solution if the "territorial issue" is not resolved. He stated that Russia sincerely hopes to resolve the Ukrainian issue through political and diplomatic means, but currently, the Russian armed forces hold the strategic initiative, and Russia will continue its advance on the battlefield. Ukrainian President Zelenskyy stated on January 23 that the current focus of the negotiations is on the specific conditions for ending the war, and it is too early to draw conclusions about the content of the negotiations.

Gold Price Prediction: XAU/USD anticipates additional gains ahead of China and U.S. inflation

Alina Haynes

Jan 11, 2023 11:54

Gold price (XAU/USD) demonstrates usual pre-data concern as it approaches $1,875 on Wednesday morning, exploring a three-day rally around the highest levels since May 2022. In doing so, gold demonstrates the market's faith in the traditional safe-haven, even if the US Dollar recovers from its multi-day low. The uncertainty surrounding the next steps of the US Federal Reserve (Fed) and the pessimistic economic forecasts of the World Bank (WB), not to mention cautious optimism towards China, may be to blame.

 

Federal Reserve (Fed) Chair Jerome Powell's remarks at Riksbank's International Symposium on Central Bank Independence were unable to provide additional clarification on the US central bank's monetary policy outlook, which prompted a stampede for gold in the face of uncertainty. In his most recent public appearances, the policymaker lauded the US central bank's latest steps while emphasizing the Fed's independence and lack of commitment to climate control. Notably, Federal Reserve Governor Michelle Bowman seemed hawkish when she stated that additional rate hikes are required to combat excessive inflation, which should have pressured the XAU/USD bulls in the aftermath.

 

Notably, the recent softening of hawkish bets on the Fed's next moves, as well as lower US data, appear to keep gold investors optimistic, despite the Federal Reserve's efforts to defend its tight monetary policy. Tuesday, the US NFIB Business Optimism Index for December fell to its lowest level since 2013 if various anxieties caused by the worldwide Covid wave are disregarded. In addition, US Wholesale Inventories for November stayed constant at 1.0% growth.

 

Alternatively, a rebound in the US Dollar Index (DXY) from the seven-month low appears to pose a threat to the Gold price, due to the inverse link between the XAU/USD and the dollar's index against the six main currencies. Tuesday marked the conclusion of a two-day downturn for the DXY as it rebounded from the multiday low to settle at 103.30. In doing so, the US Dollar Index tracked the firmer US 10-year Treasury note yields, which increased 10 basis points (bps) to 3.61 percent, falling one basis point (bp) to 3.60 percent at the latest.

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