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January 31 - According to the China Railway 12306 Technology Center, since the Spring Festival travel rush train tickets went on sale on January 19, as of 11:00 AM on January 31, the railway department has sold a total of 51.02 million tickets.On January 31, Chen Jining, Secretary of the Shanghai Municipal Committee of the CPC, pointed out during a research visit this morning (January 31) to promote consumption through the integration of culture, tourism, commerce, sports, and exhibitions that it is necessary to thoroughly study and implement the spirit of the Fourth Plenary Session of the 20th CPC Central Committee and the important speech delivered by General Secretary Xi Jinping during his inspection of Shanghai. He stressed the need to consistently focus on the deep integration of culture, tourism, commerce, sports, and exhibitions, using major festivals such as the Spring Festival as important levers to better grasp consumption trends, innovate consumption formats, enrich consumption scenarios, and lead the forefront of consumption, continuously amplifying the brand effect of "Shanghai Consumption" and promoting the construction of an international consumption center city to a deeper and more practical level.The U.S. Securities and Exchange Commission (SEC) has announced that due to the lack of funding and the (partial) government shutdown, it is currently operating according to its planned procedures during the shutdown. From January 31, 2026, until further notice, only a very small number of staff will continue to operate.January 31st - According to Xiongan Customs, the total import and export value of Xiongan New Area will reach 71.95 billion yuan in 2025, an increase of 18.9 times year-on-year. Exports will reach 11.38 billion yuan, an increase of 283.9% year-on-year; imports will reach 60.57 billion yuan, an increase of 8979.2% year-on-year.January 31st - Recently, Unit 2 of the support unit project for the Lingang Heavy-Duty Gas Turbine Test Power Plant successfully completed 168 hours of full-load trial operation, marking the full commissioning of the support unit project. The Lingang Heavy-Duty Gas Turbine Test Power Plant project is a major national "Two Engines" project. The support unit project follows the national strategy of relying on independent research and development while extensively engaging in international cooperation. It utilizes mature F-class and H-class commercial units on the market for technological breakthroughs and demonstrations. The support unit project is equipped with one 500 MW F-class unit (Unit 1) and one 670 MW H-class unit (Unit 2) combined cycle unit.

Gold Price Prediction: XAU/USD falls toward $1,920 as the Fed appears poised to increase interest rates further

Daniel Rogers

Jan 31, 2023 16:13

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During the Asian session, the gold price (XAU/USD) is falling towards the immediate support of $1,920.00. The precious metal has been demonstrating a topsy-turvy move with increased traction for the US Dollar Index (DXY) ahead of the interest rate decision by the Federal Reserve (Fed), which is slated for Wednesday. The Gold price is currently bidding in the range of $1,922-1,933 and is anticipated to continue volatile in the near future.

 

S&P500 futures have added some gains following a massive sell-off on Monday, indicating confidence as the Fed is anticipated to pause the pace of increasing interest rates. Despite market pessimism, the USD Index is seeking to continue its breakout above the 101.80 resistance to near 102.00. In addition, the market participants' risk aversion is supporting the 10-year US Treasury yields, which have risen above 3.54 percent.

 

In addition to the Federal Reserve's interest rate policy, the release of United States Automatic Data Processing (ADP) Employment data will heighten market volatility. The economic data is anticipated to be 170K, a decrease from the previous report of 235K.

 

The US labor market has remained exceptionally tight in CY2022 but the continuing of interest rate hikes by Fed chair Jerome Powell is denting the expression of optimism in producers. As a result of the bleak economic outlook, businesses are halting their recruitment efforts in an effort to maximize the utilization of their current workforce.