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On January 9th, Barclays Julien Lafargue stated in a report that tonights revisions to the US payroll data for the first few months will also be closely watched, as they should reveal the impact of the US government shutdown. Barclays doubts whether this data will significantly alter current market expectations that the Federal Reserve will keep interest rates unchanged in the first quarter. Nevertheless, the chief market strategist pointed out that the upcoming jobs report "is just one piece of the puzzle; the other pieces include inflation and the upcoming Supreme Court ruling on reciprocal tariffs."General Motors (GM.N) shares fell 2% in pre-market trading after the company announced a $6 billion impairment charge due to a decline in its electric vehicle business.According to the New York Times, Trump stated that owning Greenland has significant psychological implications.On January 9th, Premier Li Qiang chaired an executive meeting of the State Council. The meeting pointed out that revising the regulations on nature reserves and ensuring their coordination with laws and regulations such as the National Park Law will provide strong legal guarantees for the high-quality development of nature reserves. It is essential to adhere to the principle of prioritizing ecological protection and coordinating protection and development. In accordance with the characteristics and inherent laws of natural ecosystems, nature reserves should be protected holistically, restored systematically, and managed comprehensively. While ensuring ecological protection, public service functions should be enhanced, and a mechanism led by the government, with multi-party participation and social sharing should be established to achieve a unified approach to ecological protection, green development, and improvement of peoples livelihoods.According to the New York Times, Trump said he wants the United States to own Greenland.

Gold Price Prediction: XAU/USD will ascend past $1,950 as the US Dollar and yields retreat

Alina Haynes

Mar 30, 2023 15:55

截屏2022-06-07 下午5.14.22.png 

 

Gold price (XAU/USD) consolidates intraday loss, the second in a run, around $1,965 on Thursday's European session as the US Dollar and Treasury bond yields struggle to defend yesterday's gains amid conflicting sentiment. With this, the precious metal recovers from its second consecutive weekly loss amid a cautious tone ahead of the most important inflation data from Europe and the United States.

 

US Dollar Index (DXY) falls from its intraday high to near 102.60, reflecting sentiment, while S&P 500 Futures struggle near a one-week high from the previous trading day. In addition, the US 10-year and 2-year Treasury bond yields lose upward momentum near 3.57 and 4.04 percent, respectively.

 

China's Premier Li Qiang's expectation that the economic situation in March will be even better than in January and February, along with Fed Chair Jerome Powell's signals of a policy reversal after one more rate hike, appear to have contributed to the recent Gold price increase.

 

However, it should be noted that the majority of central bankers defend their previous inflation bias and thus challenge Gold Buyers. In addition, the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, stated on Thursday, "Urgently need faster, more efficient mechanisms for providing debt support to vulnerable countries." Her remarks revive previously alleviated banking concerns.

 

Moreover, market preparations for top-tier inflation data from Europe and the United States appear to permit the Gold price to minimize weekly losses. Nevertheless, the US fourth quarter (Q4) Core Personal Consumption Expenditure (PCE) and final prints of the fourth quarter Gross Domestic Product (GDP) can provide XAU/USD intraday traders with opportunities.

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