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On January 5th, Hong Kong stocks closed with the Hang Seng Index up 0.03% and the Hang Seng Tech Index up 0.09%. The total turnover of the Hang Seng Index reached HK$283.462 billion. On the sector front, short video concept stocks strengthened throughout the day, with Kuaishou (01024.HK) rising over 11% and Bilibili (09626.HK) rising over 5%. Mainland property stocks were active, with Ronshine China (03301.HK) and Greentown China (03900.HK) rising over 6%. Pharmaceutical outsourcing concept stocks collectively strengthened, with Joinn Laboratories (06127.HK) rising over 13% and Tigermed (03347.HK) rising over 6%. On the downside, commercial aerospace stocks collectively declined, with Goldwind Technology (02208.HK) falling over 8% and Asia Pacific Satellite (01045.HK) falling over 6%. Automotive stocks weakened throughout the day, with Great Wall Motor (02333.HK) falling more than 6% and NIO (09866.HK) falling nearly 6%.The Hang Seng Index closed up 8.77 points, or 0.03%, at 26,347.24 on Monday, January 5; the Hang Seng Tech Index closed up 5.19 points, or 0.09%, at 5,741.63 on Monday, January 5; the H-share Index closed down 20.52 points, or 0.22%, at 9,148.47 on Monday, January 5; and the Red Chip Index closed up 2.83 points, or 0.07%, at 4,086.74 on Monday, January 5.Hong Kong stocks closed higher, with the Hang Seng Index up 0.03% and the Tech Index up 0.09%. Kuaishou (01024.HK) surged over 11%, NIO (09866.HK) fell about 6%, and XPeng (09868.HK) dropped over 4%.On January 5, Foreign Ministry Spokesperson Lin Jian held a regular press conference. A reporter asked about Trumps "threats" to Cuba and other countries. In response, Lin Jian stated that China firmly supports the status of the Latin American and Caribbean Zone of Peace, opposes any actions that violate the purposes and principles of the UN Charter or infringe upon the sovereignty and security of other countries, opposes the use or threat of force in international relations, and opposes external forces interfering in the internal affairs of Latin American countries under any pretext.Spains unemployment rate fell 0.67% month-on-month in December, compared with a previous reading of -0.77%.

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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