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On October 16th, gold prices hit a new high of $4,226 in early trading, supported by concerns about trade tensions and market bets that the Federal Reserve will increase monetary easing before the end of the year. So far this week, gold prices have risen by over 5%, and the buying frenzy has also spread to other precious metals. Traders are heavily betting on at least one significant US interest rate cut before the end of the year, and Fed Chairman Powell hinted this week that the central bank will cut rates by another 25 basis points later this month. The ongoing US government shutdown also provided support for gold prices. Furthermore, the so-called "currency devaluation trade" is driving inflows into gold, with investors selling sovereign debt and currencies to hedge against the risks of widening fiscal deficits. Active gold purchases by central banks are a key support. Saad Rahim, chief economist at Trafigura Group, said that the gold rally is "primarily driven by physical buying. If you look at central banks, they are buying heavily."South Koreas chief presidential policy adviser expressed "optimism" when asked about US tariff negotiations.Honda Motor: Will make additional investment in California-based startup Helm.AI.ANZ Bank raised its gold price forecast to $4,400 an ounce by the end of this year, and expects it to peak at nearly $4,600 an ounce by June 2026.On October 16, the World Meteorological Organization (WMO) announced that atmospheric concentrations of carbon dioxide, methane, and nitrous oxide reached record highs in 2024. This phenomenon is attributed to continued human emissions of carbon dioxide and the frequent occurrence of wildfires. This, combined with the reduced absorption of carbon dioxide by carbon sinks such as terrestrial ecosystems and the oceans, could lead to a vicious cycle of climate change. WMO officials stated that the last time such high carbon dioxide concentrations were recorded in Earths history was approximately 3 to 5 million years ago, before the advent of humans.

Natural Gas Price Prediction: XNG/USD recovers from its largest daily loss in a month to trade near $2.20 on sluggish markets

Alina Haynes

Apr 13, 2023 14:06

截屏2023-01-19 下午3.42.24.png 

 

Early Thursday morning in Europe, the price of Natural Gas (XNG / USD) fluctuates around $2.22. In doing so, the energy instrument justifies the market's inaction while searching for additional clues for a clear direction after declining the most in a month the day before.

 

Nonetheless, growing concerns of recession, or at least weaker growth numbers, in the West combined with discussions of Northern Ireland's (NI) prohibition on Russian gas imports to weigh on XNG/USD prices the day before. Notably, China's disappointing inflation data also put downward pressure on the price of Natural Gas before the dragon nation's recent trade data provided a tailwind.

 

Headlines from the International Monetary Fund (IMF) and the World Bank (WB) indicate apprehensions of sluggish growth, if not recession, for the global economy in the future. On the same line could be macros predicting milder weather in the West and more restrictions on Russian gas from countries on the old continent, specifically Europe.

 

Notably, however, weak US inflation and dovish Fed Minutes impact on the US Dollar, allowing the XNG/USD to consolidate yesterday's losses as traders search for additional catalysts following a volatile Wednesday.

 

Ten-year and two-year Treasury bond yields in the United States show modest gains of 3.41 and 3.91 basis points, respectively, while reflecting the current state of the economy. In spite of this, US 10-year Treasury bond yields halted a three-day uptrend with modest losses to around 3.40 percent, while the two-year counterpart yielded the first daily decline in five days to reach 3.96 percent. Moreover, despite Wall Street's disappointing close, S&P 500 Futures post modest gains, whereas Japan's Nikkei 225 index is currently up 0.60 percent intraday.

 

The US Energy Information Administration (EIA) Natural Gas Storage Change for the week ending April 7, prior -23B, will be crucial for intraday direction moving forward. Nevertheless, the US US Producer Price Index (PPI) for March and Friday's preliminary readings of the Michigan Consumer Sentiment Index for April, as well as risk catalysts, may also attract XNG/USD traders' attention.


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