• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
According to an announcement from the Hong Kong Stock Exchange, on October 20, BlackRocks long position in Li Ning (02331.HK) fell from 5.10% to 4.38%.Russian Ministry of Defense: Russian troops have taken control of two settlements in eastern Ukraine.On October 24, Nissin Foods (01475.HK) announced that its Board of Directors has noted unusual recent fluctuations in the trading price and volume of the Companys shares. Having made all reasonable enquiries regarding the Companys circumstances, the Board confirms that it is not aware of (i) any reasons for such fluctuations in the price and volume of the Companys shares, (ii) any information that needs to be announced to avoid creating a false market in the Companys securities, or (iii) any inside information that needs to be disclosed under Part XIVA of the Securities and Futures Ordinance. The Board also confirms that the Groups business operations are normal, and there have been no material changes in the Groups business operations and financial position.On October 24, Julien Lafargue, chief market strategist at Barclays Private Bank, pointed out: "From the perspective of market impact, unless there is a significant upward surprise in the US inflation data, the market is unlikely to change its expectations for further interest rate cuts by the Federal Reserve." In addition to the frequent fluctuations in the trade war, the market has recently been boosted by a strong corporate earnings season. According to data tracked by the Atlanta Federal Reserve, before the government shutdown, the US GDP growth rate in the third quarter was close to 4%, showing that the economy still has amazing resilience. Although it is not easy to shake this optimistic narrative, if there is an unexpected CPI, it may be the trigger point. Stephanie Link, chief investment strategist at Hightower Advisors, said: "If the CPI data is higher than expected, I expect market volatility to increase. However, I will regard this as a buying opportunity because the current economy is still strong, the Federal Reserve has started a cycle of interest rate cuts, corporate profits are growing at a double-digit rate, and the fourth quarter has always been the strongest quarter of the year."On October 24, Zhongke Environmental Protection announced that its third-quarter revenue was 424 million yuan, a year-on-year increase of 9.39%, and its net profit was 102 million yuan, a year-on-year increase of 2.35%. For the first three quarters, its revenue was 1.272 billion yuan, a year-on-year increase of 6.06%, and its net profit was 298 million yuan, a year-on-year increase of 13.21%.

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

154.png 

 

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.