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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 will fall to $1,900 due to a strengthening US Dollar and mixed investor attitude

Alina Haynes

Jan 31, 2023 16:09

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In advance of Tuesday's European session, the gold market (XAU/USD) maintains its decline as sellers hit a crucial support level near $1,920. In doing so, the precious metal reverses the mid-Asian session retracement off the stated trend line support.

 

The metal's weakness may be attributable to the contradictory information contained in International Monetary Fund (IMF) updates, as the global lender acknowledged inflation risks while expressing optimism for economic growth. Recent action by the Bank of Japan (BoJ) to defend the Yield Curve Control (YCC), which in turn puts a floor under global yields and weighs on the Gold price, may fall along the same line.

 

In addition, Monday's positive US data and expectations that the Federal Reserve (Fed) will do everything it takes to defend its hawkish monetary policy actions appear to impose downward pressure on the XAU/USD exchange rate.

 

Notably, the probable conclusion of Covid-led activity restrictions in the United States on May 11 and positive China PMIs previously drove the XAU/USD bounce from the $1,920 level.

 

US 10-year Treasury yields struggle to prolong a three-day rally near 3.54%, as the US Dollar Index (DXY) falls to 102.20 at the latest, reflecting the prevailing sentiment. In addition, both S&P 500 Futures and stocks in the Asia-Pacific area remain moderately available.

 

The US Federal Reserve's (Fed) monetary policy meeting will garner the lion's share of attention from Gold traders.