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Iranian Foreign Ministry Spokesperson: Apart from Switzerland acting as an intermediary, communication channels between Iran and the US special envoy remain open.On January 12th, analysts at Metzler Asset Management noted in a report that domestic politics in Japan are once again putting pressure on the yen. Sources indicate that Prime Minister Sanae Takaichi is considering dissolving the House of Representatives, which could trigger a new general election in February. Analysts stated that although the Prime Ministers Liberal Democratic Party currently holds slightly less seats in the House than the absolute majority needed, polls suggest it may win more seats in the new election. "Market participants may worry that this will lead the government to take further measures to curb prices, thereby reducing the likelihood of a Bank of Japan interest rate hike, and thus putting downward pressure on the yen."On January 12th, the Hang Seng Index opened more than 100 points higher and trended upward throughout the day. In the afternoon, driven by a surge in tech stocks and AI applications, the Hang Seng Index rallied by over 300 points, breaking through the 26,500 mark. The Hang Seng Tech Index performed strongly throughout the day, rising over 3% at one point in the final minutes of trading. At the close, the Hang Seng Index rose 1.44% to 26,608.48 points, and the Tech Index rose 3.1% to 5,863.2 points. The total turnover of the Hang Seng Index reached HK$306.223 billion (compared to HK$245.13 billion in the previous trading day). On the sector front, AI applications led the gains, while tech stocks and internet healthcare performed well. Oil and gas equipment and lithium battery sectors saw the largest declines. In terms of individual stocks, Alibaba Health (00241.HK) closed up 10.23%, Kuaishou (01024.HK) closed up 7.43%, Zhipu (02513.HK) closed up 31.4%, Alibaba (09988.HK) closed up 5.32%, and CATL (03750.HK) closed down 2.45%.The Hang Seng Index closed up 376.69 points, or 1.44%, at 26,608.48 on Monday, January 12; the Hang Seng Tech Index closed up 176.06 points, or 3.1%, at 5,863.2; the H-share Index closed up 171.55 points, or 1.9%, at 9,220.08; and the Red Chip Index closed up 12.89 points, or 0.31%, at 4,113.96.Hong Kong stocks closed higher, with the Hang Seng Index rising 1.44% and the Tech Index rising 3.1%. The AI application sector saw a collective surge, with Zhipu (02513.HK) rising 31.4% and MINIMAX-WP (00100.HK) rising 15.36%.

International gold prices break away from a week and a half high, investors wait for heavy data to be released

Oct 26, 2021 10:58

On Tuesday (October 5), international gold prices fell and left the high of $1,770.44 per ounce set overnight since September 23, as the U.S. dollar benefited from sluggish risk sentiment. Prior to the release of employment data in the United States this Friday, gold prices are expected to fluctuate, as the data may influence the Fed's debt purchase reduction plan.

At GMT+8 16:14, spot gold fell 0.60% to US$1759.06 per ounce; the main COMEX gold contract fell 0.46% to US$1759.4 per ounce; the US dollar index rose by 0.12% to 93.920.


The rise in the dollar index has made gold more expensive for buyers who hold other currencies. But the stock market slid as investors worried that soaring energy prices would inhibit economic growth. In addition, the US debt ceiling deadlock has also limited the downside of gold prices.

OANDA Asia Pacific senior market analyst Jeffrey Halley said that the downturn in the stock market prompted Asian investors to buy US dollars, putting pressure on gold. He added that before the US employment report is released, the price of gold will be in the range of $1750-1785.00.

U.S. President Biden said on Monday (October 4) that unless Republicans and Democrats work together to vote to increase the debt ceiling in the next two weeks, the federal government may exceed the $28.4 trillion debt ceiling and default on an unprecedented level. .

Halley said: "Gold may find support when it drops to $1750.00 this week because of inflation and US fiscal concerns." Halley added that although these uncertainties will support gold to a certain extent, U.S. monetary policy Direction will be the ultimate key factor.

It is expected that the number of non-agricultural employment in the United States in September will show continued improvement in the labor market, which may cause the Fed to begin to reduce stimulus measures before the end of the year. Reduced stimulus measures and increased interest rates have increased bond yields, putting pressure on gold because the opportunity cost of holding non-yielding gold bars will increase.

However, some market participants said that the US's reduction of debt purchase issues may have limited impact on gold because investors have already digested this expectation. Now the main force determining the direction of gold prices has turned to the magnitude and pace of the Fed's rate hike.

St. Louis Fed President Brad said on Monday that for the first time in years, American companies have encountered no problems in raising prices to customers. While the market is worried that expectations of high inflation have become entrenched, he warned that inflation may remain high for some time to come.

Brad is one of the strongest supporters in the Federal Reserve that believe that positive measures should be taken to curb higher-than-expected inflation. He believes that two interest rate hikes are needed in 2022. At present, interest rates are still at a level close to zero, which has been at this level since the outbreak of the new crown pandemic in early 2020.

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