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Zhipu (02513.HK) rose more than 7% at one point during the session, breaking through the HK$1,000 mark and reaching a high of HK$1,005, a record high. The gains have now fallen back to 4.5%.Japanese Chief Cabinet Secretary Minoru Kihara: The Bank of Japan is expected to implement appropriate monetary policy to achieve its inflation target sustainably and stably.April 13th - ANZ Bank now expects the Reserve Bank of New Zealand (RBNZ) to raise interest rates by 25 basis points in three consecutive increases in July, September, and October, bringing the official cash rate to 3%. With inflation inevitably rising, maintaining the official rate at a stimulative level is expected to make the RBNZ uneasy. ANZ Chief Economist Sharon Zolner stated that such a rate hike would be very powerful, therefore ANZ no longer predicts the official rate will need to be raised to 3.5%. She added that the rate will remain unchanged at 3% after reaching 3%.On April 13th, four members of Barclays Fixed Income, FX, and Commodities research division stated in a research report that Asian central banks are likely to maintain their current monetary policies in the short term amid the Middle East conflict. They indicated that the Monetary Authority of Singapore (MAS) is likely to keep its policy unchanged this Tuesday, noting that the MAS seems more concerned about the risk of extreme negative growth than inflation. Meanwhile, Barclays believes that unless the US dollar depreciates significantly against the Indonesian rupiah ahead of the Indonesian central banks meeting this month, the Indonesian central bank will not be able to quickly resume its rate-cutting cycle. Furthermore, the central banks of Thailand and the Philippines, which will also be meeting this month, are expected to hold their rates steady.April 13 - Following the failure of negotiations between the United States and Iran, US President Trump stated on April 12 that he did not care whether Iran returned to the negotiating table. Trump told the media that day, "I dont care if they come back. If they dont come back, I dont care either."

Gold Price Prediction: XAUUSD pulls back toward $1,750 ahead of Biden-Xi talks, and the Fed's pivot is anticipated

Daniel Rogers

Nov 14, 2022 18:42

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During Monday's Asian session, the gold price (XAUUSD) consolidates the largest weekly gains since March 2020 near $1,762. In doing so, the precious metal records modest losses within a bullish chart pattern that is one week old.

 

Notably, the light schedule appears to have prompted the XAUUSD retreat near the highest levels in three months. Anxiety ahead of a meeting between US President Joe Biden and China's Prime Minister Xi Jinping on the sidelines of the Group of 20 Nations (G20) summit in Bali is also likely to have prompted the gold buyers to be questioned.

 

Christopher Waller, governor of the Federal Reserve, attempted to defend the bulls by stating, "Rates will not fall until there is 'clear, strong evidence' that inflation is falling."

 

Against this backdrop, S&P 500 Futures retreat from a one-month high, falling 0.30 percent intraday near 3,990, while US 10-year Treasury yields rise six basis points (bps) to 3.89%, recording their first daily gain in four days.

 

As the market attitude deteriorates, updates from Bali can provide amusement for XAUUSD traders. Any spark in China's relations with its global counterpart, as a result of China's support for Russia, should exert additional downward pressure on gold. However, the previous week's discussions of the Fed's easy rate hikes in December, coupled with the disappointing US consumer-centric data, appear to keep gold buyers optimistic.

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