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On May 9, Pakistani military spokesman Chaudhry said: "We will not ease the situation - given the damage India has caused us, they should be hit." The spokesman added: "So far, we have been protecting ourselves, but at the appropriate time, they will get our response."On Friday, the British steel industry urged the government to clarify when the United States will lift tariffs. The United States and the United Kingdom previously reached a landmark agreement to remove tariffs imposed by Trump on the industry. The United Kingdom welcomed the trade deal, saying it would reduce steel tariffs from 25% to 0%, so that British producers can continue to export products to the United States. However, details released late on Thursday showed that the two sides must also formally determine the safety requirements and quotas that the steel industry must comply with, leaving industry representatives unclear when the tariffs will be lifted. "This is certainly not a formality; I mean, there are obviously a lot of things in the agreement that have not been fully determined and defined so far," said Chrysa Glystra, director of trade and economic policy at industry group UK Steel. Glystra added that companies do not know the supply chain conditions they must meet to take advantage of tariffs. "We dont really know when this will take effect, or what the specific timeline is."On May 9, a document showed that the U.S. Patent and Trademark Office rejected Teslas application to register the word "Robotaxi" as a trademark on Tuesday. Another application by Tesla to register the word "Robotaxi" as a trademark for its upcoming online car-hailing service is still under review by the Patent Office. The department issued a "non-final review opinion" around the Robotaxi trademark application, which means Tesla has three months to submit a response, otherwise the Patent Office will abandon the application. Teslas application for the "Cybercab" trademark has been halted because other companies are applying for similar "Cyber" trademarks.Iran has agreed to hold a fourth round of indirect nuclear talks with the United States in Oman on Sunday, a member of the Iranian delegation revealed, according to Irans Tasnim News Agency.The three major U.S. stock indexes all turned negative, with the Dow Jones Industrial Average down 0.19%, the S&P 500 down 0.1% and the Nasdaq down 0.02%.

Forecast for Gold Price: XAU/USD fails to surpass $1,930 as USD Index recovers ahead of Fed policy

Alina Haynes

Feb 01, 2023 15:27

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During the Asian session, the gold price (XAU/USD) failed to reclaim the crucial barrier of $1,930.00, prompting a strong price correction. The precious metal's upward momentum has diminished as the US Dollar Index (DXY) shows signs of recovery after falling to around 101.70. The USD Index is gaining traction as investors become nervous ahead of the Federal Reserve's interest rate announcement (Fed).

 

As Fed chair Jerome Powell is anticipated to significantly slow the pace of interest rate hikes, the Gold price correction appears to be moderate. In the meantime, S&P500 futures have retraced some of Tuesday's gains as investors anticipate that additional Fed rate hikes will heighten recession fears in the United States. Yields on 10-year US Treasuries have fallen below 3.52 percent.

 

In addition to the Fed's monetary policy, the ADP Employment data and ISM Manufacturing PMI will be of the utmost importance. According to the consensus, the US economy added 170,000 new jobs in January, down from the previous estimate of 235,000. While it is anticipated that the Manufacturing PMI will decrease to 48.0 from 48.4, which was announced earlier,

 

For a longer horizon, Reuters reported that the Fed's decision to raise interest rates would limit the price of gold. According to a survey by Reuters, the average price of gold will be $1,852.50 in 2023 and $1,880 in 2024.


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