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The Dow Jones Industrial Average closed down 215.67 points, or 0.45%, at 47,739.32 on Monday, December 8; the S&P 500 closed down 23.89 points, or 0.35%, at 6,846.51 on Monday, December 8; and the Nasdaq Composite closed down 32.22 points, or 0.14%, at 23,545.90 on Monday, December 8.Sources say PepsiCo (PEP.O) will commit to cost-cutting measures in its deal with Elliott Management.On December 9th, the European Central Bank (ECB) urged Rome to reconsider a proposed amendment that would state that the Bank of Italys gold reserves belong to the Italian people. The ECB warned that this move could jeopardize its independence. In a document published on its website, the ECB reiterated its opposition to the proposal. Italy has already amended the amendment twice, with the latest draft explicitly stating that the measure would not supersede EU rules protecting central bank independence. Italy holds the worlds third-largest gold reserves, recorded on its central banks balance sheet. The law stipulates that the Bank of Italy must manage these gold reserves in accordance with EU rules, which prohibit the use of gold for government spending. Members of Italys ruling party have proposed including the amendment in the 2026 budget law. The initial version stated that the central banks gold belonged to the state, but this was later amended to belong to the Italian people.The Trump administration wants airlines and airports to offer healthier food.On December 9th, Paramount Pictures launched a hostile takeover bid for Warner Bros. and released a list of investors supporting the offer. Perhaps the most notable is Affinity Partners, a private equity firm founded by Jared Kushner, the son-in-law of US President Donald Trump. In its filing, Paramount stated that Larry Ellison, father of CEO David Ellison, and RedBird Capital Partners have committed $40 billion in cash guarantees for the acquisition. However, Paramount has also arranged for other investors, including Kushners private equity firm, to share some of the investment. The addition of Affinity Partners adds a new political dimension to the Warner Bros. battle.

Gold Price Prediction: XAU/USD fluctuates within the $30 level as FOMC Minutes approach

Daniel Rogers

Feb 22, 2023 15:16

Gold price (XAU/USD) tests a two-day downturn as it floats around $1,835 at the start of Wednesday. As traders anticipate the Federal Open Market Committee's (FOMC) Monetary Policy Meeting Minutes, the precious metal maintains its trading range of approximately $30.00 from the previous week. Notably, geopolitical concerns and the US Dollar's weak movements around the multi-day peak appear to act as filters for XAU/USD traders.

 

In spite of this, stronger preliminary US S&P Global PMIs for February and hawkish Fed bets supported the US Dollar Index's first daily gain in three days, with the index closing down 0.07% intraday near 104.11 at the latest.

 

However, the weak movements of US Treasury bond yields near the three-month high reached the day before appear to have stifled the XAU/momentum USD's of late.

 

The hawkish bias around the US Federal Reserve (Fed) and rumors of an impending policy flip may also test Gold traders.

 

In addition, comments by US Secretary of State Antony Blinken and Russian President Vladimir Putin have an impact on market mood and the price of gold, as both imply an escalation of tensions between Moscow and Kyiv, in which the West and China have recently played an indirect role. But, the absence of substantial updates in Asia appeared to have halted the risk-averse sentiment.

 

US 10-year and 2-year Treasury note rates oscillate around the three-month highs established the previous day, while S&P 500 Futures post modest gains despite Wall Street's negative closing price.

 

In the near future, conflicting sentiment and caution ahead of the FOMC Minutes could maintain XAU/USD on a precarious floor, but the hints for a Fed policy reversal will be sufficient to recall Gold purchasers.


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