EUR/USD 1.13937
-0.242%
Gold 4024.62
0.428%
Oil 68.933
-1.371%
USD/JPY 162.688
0.078%
GBP/USD 1.32458
-0.106%
GBP/JPY 215.498
-0.027%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
July 1st - The World Gold Council released its "2026 Global Gold Market Mid-Year Outlook" today. Looking ahead to the second half of the year, the gold valuation framework indicates that gold will continue to serve as a barometer of the global macroeconomy, with three main possible scenarios. At current price levels, gold prices are largely in line with market consensus: the market expects the Federal Reserve to raise interest rates at least once in 2026, most likely in October; the Bank of England, the Bank of Japan, and the European Central Bank will all tighten policy; and US inflation is expected to peak in the second quarter, approaching 3.9%. If these conditions remain largely unchanged, gold prices may trade around $4,100/ounce this year, with a fluctuation range of approximately ±5%. If geopolitical or economic conditions deteriorate, or interest rate expectations shift, gold is expected to resume its upward trend; however, only sufficiently strong signals of a global economic slowdown could drive gold prices to break upwards. On the downside, a stronger dollar, larger-than-expected interest rate hikes, and a recovery in market risk appetite are the main obstacles to gold prices; if gold prices remain below $4,000/ounce, it could trigger further selling. However, based on historical performance, if gold prices fall by more than 10% from current levels, it could trigger "buy the dip" demand from long-term investors in multiple regions.White House National Economic Council Director Hassett: Raising interest rates would be a mistake.UK Maritime Trade Organization: A tanker reported that a small vessel approached it from its port aft side at a distance of 2 nautical miles. The crew is safe and the vessel is continuing its voyage.Ukrainian President Zelensky: I hope that during Irelands EU presidency, I can open up all areas of discussion in the negotiations for Ukraines accession to the EU.British Prime Minister Starmer: The £1 billion annual funding gap in defense spending has been covered by budget "spare space".

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

244.png 

 

In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

Suggestion