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On December 14th, the U.S. Department of Defense announced that two U.S. Army soldiers and one civilian translator were killed and three others wounded in an attack in Syria on December 13th. The Department of Defense stated that the attack was carried out by militants from the extremist group ISIS, and the attackers were killed. In response, U.S. President Trump stated that retaliatory action would be taken. Also on December 13th, Nourdin Baba, a spokesman for the Syrian transitional governments Interior Ministry, said that the gunman who attacked a joint Syrian-U.S. patrol in Homs province in central Syria was a Syrian security officer who may have held extremist views.On December 14th, local time, Ukrainian President Volodymyr Zelenskyy stated that Ukraine is preparing for meetings with the United States and European allies in the coming days. He will travel to Berlin to meet with US and European representatives to discuss "building the foundations of peace." Zelenskyy stated that this series of consultations is "decisive" for Ukraine, and that Ukraines core objective is "to achieve a decent and just peace." Earlier that day, Germany announced that it would host a US and Ukrainian delegation on the 14th to hold talks on issues such as the Russia-Ukraine ceasefire and to prepare for the summit of European leaders, including Zelenskyy, to be held in Berlin on the 15th. According to previous reports, US Presidential Envoy Witkov and former White House senior advisor Jared Kushner have already departed for Germany to meet with Zelenskyy and other European leaders.On December 14th, Hungarian Prime Minister Viktor Orbán stated on the 13th that if the EU were to utilize frozen Russian assets, it would trigger serious problems. Orbán explained that, firstly, such a move would erode public trust in European trustees; secondly, the Russian central bank has filed a lawsuit against the European Clearing Bank (ECB), which holds a large amount of frozen Russian assets, potentially putting the ECB under pressure to repay its debts. Furthermore, given the enormous sums involved, the economy of Belgium, where the ECB is located, could face collapse.The Ukrainian POW Reconciliation Center reports that Belarus has transferred 114 civilians to Ukraine, including Ukrainian and Belarusian citizens.The U.S. Embassy in Lithuania reported that nine prisoners, including Nobel laureate Ales Bialyatsky, have been transferred from Belarus to Vilnius, the capital of Lithuania. Other prisoners are being transferred from Belarus to Ukraine.

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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