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On February 24th, Federal Reserve Chairman Bostic emphasized the need for patience in monetary policy. Bostic warned that the U.S. may be facing the risk of rising structural unemployment, a fundamental shift that cannot be corrected solely by interest rate adjustments. To address this situation, the Fed is closely monitoring labor slack across different groups. If unemployment stems from structural factors, attempting to correct it through significant interest rate cuts could inadvertently push up inflation rather than create jobs. Despite encouraging productivity gains, Bostic remains hawkish on price stability. He cautioned against overreacting to short-term economic "noise," arguing that excessive reactions to current pressures could create more instability in the future. The Feds primary task remains controlling inflation, and it must resist the urge to prematurely change policy direction.Reddit issued a statement regarding the fine imposed by the UK Information Commissioners Office (ICO), saying it intends to appeal the decision.According to Hong Kong Stock Exchange documents, Zaihui Inc. has submitted a listing application to the Hong Kong Stock Exchange.Meta Platforms (META.O) shares turned lower, down 0.6% in pre-market trading.February 24 – AMD (AMD.O) and Meta Platforms (META.O) today announced a 6-gigawatt agreement to provide multi-generation AMD Instinct GPU support for Metas next-generation AI infrastructure. This agreement expands the existing strategic partnership and harmonizes development roadmaps across chips, systems, and software to deliver AI platforms tailored for Meta workloads. AMD Chairman and CEO Lisa Su stated that she is proud to expand the strategic collaboration with Meta, as they are pushing the boundaries of AI on an unprecedented scale. As part of the agreement, to further align strategic interests, AMD has granted Meta performance-based warrants to purchase up to 160 million shares of AMD common stock. AMD and Meta are collaborating across chips, systems, and software to enable the global deployment of AI infrastructure, accelerating AI innovation and bringing AI-driven services and experiences to billions of users.

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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