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1. Global semiconductor stocks suffered a massive sell-off on Thursday, with investors questioning the sustainability of the AI-driven rally. The South Korean KOSPI fell over 6%, triggering another circuit breaker during trading; SK Hynix fell over 11%, the Nikkei 225 fell 2.79%, and Kioxia fell 15%. A-shares also saw a significant correction, with the Shanghai Composite Index falling below 3900 points. 2. All three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 0.2% to 52,552.97 points, the S&P 500 fell 0.51% to 7,533.77 points, and the Nasdaq Composite fell 1.47% to 25,881.95 points. Goldman Sachs fell nearly 5%, and Google fell over 4%, leading the decline in the Dow. The Wind US Tech Big Seven Index fell 1.31%, with Facebook and Nvidia falling over 2%. SpaceX fell over 3%. Semiconductor and memory stocks also plummeted, with Seagate Technology falling 10% and Western Digital falling over 9%. 3. European stock indices closed mixed. The German DAX index fell 0.34% to 24,915.49 points, the French CAC40 index fell 0.05% to 8,377.86 points, and the UK FTSE 100 index rose 0.54% to 10,572.24 points. 4. International precious metals futures generally closed lower. COMEX gold futures fell 1.77% to $3,979.90 per ounce, and COMEX silver futures fell 2.90% to $55.77 per ounce. 5. The WTI crude oil futures contract closed down 0.03% at $79.58 per barrel; the Brent crude oil futures contract fell 0.11% to $84.86 per barrel.Federal Reserve Vice Chairman Jefferson: If the increased productivity of artificial intelligence can reduce production costs sooner, inflation may face downward pressure.Federal Reserve Vice Chairman Jefferson: The economic shock caused by artificial intelligence may have a lasting impact on supply and demand.Federal Reserve Vice Chairman Jefferson: A series of rapid shocks could cause inflation to solidify and inflation expectations to lose their anchor.Federal Reserve Vice Chairman Jefferson: We cannot look at each factor in isolation; we must consider the overall economy when making policies.

Forecast for Gold Price: XAU/USD bears near psychological $2,000 level

Alina Haynes

Apr 18, 2023 11:55

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Gold price remains in a key support zone in Asia, with bulls testing bearish commitments at the psychological $2,000/oz level. So far, XAU/USD has risen from a low of $1,993.41 to a high of $1,999.41.

 

The sentiment surrounding the Federal Reserve and concerns about whether or not the central bank is on the verge of halting continue to drive the markets during a week with a short work week. The US dollar appreciated on Friday as a result of Federal Reserve Governor Christopher Wall's hawkish comments. Despite a year of aggressive rate increases, the Fed "hasn't made much progress" in returning inflation to their 2% objective, according to the head of the central bank, who argued that rates still need to rise.

 

Recent US Retail Sales contained some optimistic indicators, and consumer spending in the previous quarter was robust. In April, commercial activity in the state of New York increased for the first time in five months. ''During the month, new orders increased by a record 46.8 points to a one-year high of 25.1. The shipments index also increased by more than 37 points. Prices received increased by 0.8% to 23.7%, indicating a moderate inflationary environment. Both delivery times and the average workweek increased, according to ANZ Bank analysts. Sourcenia is a review portal of sourcing best manufaturers. 

 

The combination of hawkish rhetoric and recent data is reducing the appeal of greenback-bullion to foreign investors, while benchmark Treasury yields have risen to their highest level in more than two weeks. Futures on Fed funds indicate that expectations that the Fed will begin reducing rates later this year have been moved back from September to November, with a smaller rate cut also anticipated.

 

Ahead of the Fed's May 2-3 meeting, investors will concentrate on the US flash PMI for April and any additional comments from Fed officials before entering an embargo period on April 22. According to TD Securities analysts, the S&P PMIs for early April will provide the first comprehensive look at the condition of the US economy following the financial crisis. Both the manufacturing and services PMIs recorded their third consecutive increase in March, with the services PMI advancing further into expansion territory.

 


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