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New York silver futures hit $33 an ounce, up 0.26% on the day.On May 12, in response to the recent tariff policy of the United States, Japanese Prime Minister Shigeru Ishiba said at a meeting of the Budget Committee of the House of Representatives of Japan on the 12th local time that the Japanese government will take "all-out measures" to deal with it, and will not hesitate to take additional measures if necessary. In addition, Shigeru Ishiba said that in the Japan-US tariff negotiations, it is "unacceptable" to reach an agreement with the United States in areas other than automobiles.May 12, Japanese Prime Minister Shigeru Ishiba said on Monday that the government is ready to take further measures to ease the blow to the economy from higher U.S. tariffs, but is cautious about cutting the consumption tax rate. Opposition parties and some ruling party lawmakers have called on the government to cut the consumption tax to help households cope with rising living costs. Japans consumption tax is 10%, and the food tax rate is 8%. In a speech to parliament, Shigeru Ishiba said the government "will not hesitate to take additional measures" to ease the pain of higher U.S. tariffs on the economy. But he said any measures must target the hardest-hit households rather than covering a wide range of households.On May 12, Goldman Sachs published a research report, based on the market transaction data from April and early May to date, raising the earnings per share forecast of Hong Kong Exchanges and Clearing Limited (00388.HK) by 2%, 4% and 4% respectively from 2025 to 2027. The bank maintained the "buy" rating on Hong Kong Exchanges and Clearing Limited, and raised the target price from HK$386 to HK$398, corresponding to a forecast price-to-earnings ratio of about 34.5 times this year.On May 12, CICC published a research report stating that Lenovo Group (00992.HK) officially released a super intelligent agent covering all application scenarios and defined the core functions of the super intelligent agent for the first time. The bank believes that this marks another step towards hybrid artificial intelligence and maintains its earnings forecast and "outperform industry" rating for Lenovo. However, considering that the average valuation of the personal computer industry has declined due to trade frictions, the bank lowered Lenovos target price by 12% to HK$13.78, equivalent to a forecast price-to-earnings ratio of 13 times in fiscal 2026.

Gold price remains unchanged at $1,740 as bulls seek direction

Haiden Holmes

Jul 11, 2022 11:10

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Call it a literal "Goldilocks" scenario. Goldilocks does not relate to an ideal economic state in which things are neither increasing or shrinking excessively; rather, it relates to the fact that gold is nearly stuck around $1,740 per ounce while traders seek to discern the yellow metal's path.


Gold futures for delivery in August on the New York Comex climbed $2.60, or 0.2 percent , to $1,742.30 per ounce. It declined 3,3 percent for the week, its fourth straight fall since the week ending June 10. The current week's fall was also the most severe since the week ending May 6.


Despite the terrible weekly figures, gold has experienced some resistance since Wednesday's 10-month low of $1,730.70. Gold for August delivery on the Comex has hardly moved above or below $1,740 since reclaiming ground from that level.


According to others, this means that gold may have already reached, or is close to reaching, its lowest point and likely has no further to go.


Gold trade on Friday was affected by increasing uncertainty after the revelation of good June employment numbers from the United States.


The Labor Department announced that U.S. firms created 372,000 jobs last month, which was about 100,000 more than what analysts had projected, while the unemployment rate stayed at 3.6 percent for the third straight month. Later, from the White House, President Joe Biden reported that the United States has restored all 20 million jobs lost during the coronavirus pandemic outbreak in March and April 2020.


Theoretically, such findings seemed good for the U.S. economy. It was not, however, in the present inflationary situation, where the Fed wants the red-hot job market and wage growth to subside in order to diminish Americans' need for things.


For gold, there was an additional complication: the Federal Reserve had already planned to boost interest rates by 75 basis points in July, as it did in June. Would the Fed be willing to take additional action if the fed funds rate continues to price in a 75 basis point hike for July on Friday? Or will the other three probable rate hikes this year be 75 basis points or higher?

"The short end of the yield curve signals that the Federal Reserve has the green light to tackle inflation vigorously, while the long end indicates that a recession is imminent," said Ed Moya, an analyst at the online trading platform OANDA.


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