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Barclays currently expects the Bank of England to raise interest rates by 25 basis points each in November and February 2027, citing persistent inflation risks and the impact of the Middle East conflict.September 18 – According to the Associated Press, the U.S. State Department confirmed that it has approved Iranian President Peshizian and Iranian Foreign Minister Araqchi, along with other senior officials, to travel to New York for next weeks high-level meeting of the United Nations General Assembly. The State Department stated that the Iranian "core delegation" and essential personnel will be allowed to attend the General Assembly activities, but will be subject to travel restrictions and will be prohibited from purchasing luxury goods and other restricted items in accordance with U.S. policy. The U.S. stated that this years Iranian delegation is smaller than last years. This decision was made against the backdrop of the ongoing U.S.-Iran conflict, which has lasted for more than six months. Currently, there has been no significant progress between the two sides on reopening the Strait of Hormuz and resuming negotiations on the Iranian nuclear issue. As the host country of the United Nations, the United States is usually bound by obligations to the host country and finds it difficult to prevent foreign leaders from attending the General Assembly. Previously, the United States has also issued limited visas to representatives of countries involved in conflicts and imposed restrictions on their activities. This decision to approve the Iranian delegations visas comes just one day after the U.S. refused to allow Palestinian President Mahmoud Abbas and his delegation to the General Assembly.A U.S. State Department spokesperson said that the core delegation of the Iranian regime will be able to attend the high-level week of the UN General Assembly.U.S. State Department: Washington has issued visas to Iran to attend a United Nations meeting.Houthi rebels in Yemen: In the past 24 hours, the Saudi Air Force launched 37 airstrikes on Taiz and Hodeidah provinces in Yemen, using F-15 fighter jets that took off from Khamis Mushait Air Base, causing civilian casualties.

International gold prices are stable, investors are waiting for non-agricultural data; ETF market supports bears

Eden

Oct 26, 2021 11:00

On Friday (October 8), international gold prices were basically stable, and the volatility narrowed further, as investors waited for the US non-agricultural employment report to be released in order to seek more trading guidance from it. The report will determine the pace at which the Fed will reduce its easing process in the future.

At 15:39 GMT+8, spot gold price fell slightly by 0.02% to US$1755.37 per ounce; the main COMEX gold contract fell 0.22% to US$1755.3 per ounce; the US dollar index rose 0.12% to 94.326.


As the summer peak of new crown virus infections begins to fade, US job growth may accelerate in September, boosting the demand for high-contact services such as dining out, and allowing the Fed to start reducing the scale of monthly debt purchases.

Jeffrey Halley, senior market analyst for OANDA Asia Pacific, said that as local investors buy precious metals to hedge against risk events, gold has gained support during the Asian session. But he added: "The final trend of gold prices will be determined by tonight's non-agricultural employment report. If the number of new non-agricultural jobs in September is no less than 500,000, there will be no suspense when the Fed starts to reduce the scale of debt purchases this year, which is expected to boost. U.S. yields and the U.S. dollar, gold is expected to resume its downward trend."

The market predicts that non-agricultural jobs in the United States may increase by 500,000 in September. The weekly jobless claims data released overnight showed that the number of initial jobless claims in the United States recorded the largest drop in three months last week. This indicates that the labor market recovery is experiencing the most recent as this wave of viral infections begins to recede. After slowing down, it is regaining momentum.

Fed Chairman Powell hinted last month that as long as U.S. employment growth is “reasonably strong” in September, the Fed can begin to reduce the size of its monthly debt purchases by US$120 billion after the November 2-3 policy meeting.

The U.S. Senate passed a bill to raise the debt ceiling, which will be passed to the House of Representatives for final approval. The U.S. Senate on Thursday took a step toward passing a move to increase the Treasury Department’s $480 billion borrowing authority, which is sufficient to maintain the Treasury’s borrowing and spending until at least the beginning of December.

U.S. Treasury Secretary Yellen said in an interview with CNN on Thursday that she is pleased to see that the Senate is taking action to suspend the debt ceiling, but she added that the implementation of the debt ceiling is causing more and more damage to the United States. The dangerous conflict has caused the American people and the global market to question whether the United States is paying its bills seriously."

According to the latest data released by the World Gold Council (WGC), the global gold ETF net outflow in September was 15.2 tons (approximately US$830 million, and the scale of asset management decreased by 0.4%); in the context of rising U.S. bond yields and a strong US dollar, gold prices fell , At the end of September, the total global gold ETF size fell to 3592 tons (2010 billion US dollars), the lowest since April.

In September, global gold ETFs (Exchange Traded Funds) recorded net outflows for the second consecutive month; Asian funds recorded net inflows, which failed to offset the outflows of European and North American funds.

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