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New York gold futures fell below $3,250 an ounce, down 2.09% on the day.Starbucks (SBUX.O) is considering cutting spending on store upgrades, which could help ease investor concerns about the chains cost tussle. Starbucks CEO Brian Niccol told employees at a company-wide meeting that each Starbucks store remodel costs between $800,000 and $1 million, according to a recording obtained by CNN Business. The coffee chain is looking for ways to reduce the cost of these renovations, which could involve major changes such as electrical or plumbing upgrades.US Defense Secretary Hegseth: Iran will pay a price for supporting the Houthis.South Korea released trade data on Thursday showing that its exports unexpectedly grew in April, driven by strong chip sales, although the auto sector was weighed down by U.S. tariffs. South Koreas exports in April were $58.21 billion, up 3.7% from a year earlier, also higher than the 3.0% increase in March and the biggest increase in four months. The data exceeded the markets median forecast of 2.0%. By product category, the countrys semiconductor exports rose 17.2%, the biggest increase in four months, and steel product exports also rose 5.4%, ending three consecutive months of decline. Auto exports fell 3.8%, but auto parts rose 3.5%, and wireless communication equipment and biopharmaceutical products also rose 26.5% and 21.8%, respectively. Exports to the United States fell 6.8%, but exports to the European Union jumped 18.4% to a record $6.7 billion. South Korea is the first major exporting economy to release trade data each month, providing early information on the state of global trade.The spokesperson of the National Health Commission said that recently, the Commission has paid attention to the public opinion caused by the report of Xiao Mou, a thoracic surgeon at the China-Japan Friendship Hospital. The Commission has set up an investigation team, adhered to the principles of seeking truth from facts, objectivity and fairness, and jointly with relevant parties conducted a serious investigation and verification of Xiao Mou, Dong Mou and relevant institutions involved in the incident. Any violations of laws and regulations found will be dealt with seriously in accordance with the law and discipline.

Forecast for Gold Price: XAUUSD advances to the backside of the bull micro trend

Alina Haynes

Nov 15, 2022 16:49

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Despite a stronger US Dollar, the Gold price reached a new three-month high on Monday as US yields rose in response to Friday's disappointing US Consumer Price Index report. Friday's inflation figures prompted speculators to anticipate that the Federal Reserve would hold off on large interest rate hikes. As a result, demand for gold remains strong.

 

In spite of a hawkish Federal Reserve meeting, in which Fed Chair Jerome Powell pushed back against the market's reaction to a dovish announcement by suggesting that the terminal rate could be higher than initially anticipated, commodities prices have been staging a rebound from their year-to-date lows. A number of factors contribute to the shift in opinion, including rumors that China will relax its zero-Covid restrictions. Due to a recent string of less inflationary US data outcomes, it had been speculated that a Fed policy shift was imminent.

 

US consumer prices grew 0.4% for the month of October and 7.7% year-over-year, as reported on Friday. This was down from 8.2% year-over-year in September and 0.2 percentage points below the consensus, with the ex-food and energy estimate coming in at 6.3%. This was a positive report, and the market's response included a 5.5% increase in the S&P 500 and a 26 basis point drop in the 2-year Treasury rate, which sent gold soaring and the dollar plummeting. Gold traders were already focused on the increase in money managers' short positions over the past few months, which led to significant short covering above the $1,720 resistance level.


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