EUR/USD 1.17148
0.194%
Gold 4593.10
0.783%
Oil 97.542
-2.356%
USD/JPY 157.621
-0.173%
GBP/USD 1.35686
0.225%
GBP/JPY 213.874
0.054%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Futures News, May 6th - According to foreign media reports, Chicago Board of Trade (CBOT) corn futures closed lower on Tuesday, with the benchmark contract down 1.2%, mainly reflecting the rapid progress of corn planting and a decline in international crude oil futures. Crude oil prices fell on Tuesday after a ship flying the US flag, under the protection of the US military, passed through the Strait of Hormuz, offering some comfort to investors, although Mondays military incident highlighted ongoing shipping disruptions. The volatility in international crude oil prices, influenced by the Middle East conflict, also impacted the grain market, as corn and soybean oil are widely used in biofuel production. As of May 3rd, US corn planting progress was 38%, compared to 25% last week, 38% at the same time last year, and a five-year average of 34%. Corn emergence rate was 13%, compared to 7% last week, 10% at the same time last year, and a five-year average of 9%.Futures News, May 6th - According to foreign media reports, soybean oil futures on the Chicago Board of Trade (CBOT) closed higher on Tuesday, with the benchmark contract rising 0.5%, mainly reflecting active oil-meal arbitrage trading. Traders said that active arbitrage trading involving buying soybean oil and selling soybean meal boosted soybean oil prices. However, international crude oil futures fell.May 6 - According to a report by the Islamic Republic of Iran Broadcasting (IRNA) early on May 6, a fire broke out at a shopping mall in Andisha, Shahriar, Tehran province, on May 5, resulting in at least 8 deaths and 36 injuries.South Koreas April CPI rose 2.6% year-on-year, in line with expectations and down from 2.20% previously.South Koreas April CPI rose 0.5% month-on-month, below the expected 0.50% and the previous reading of 0.30%.

Forecast for Gold Price: XAU/USD seeks another run above $1,825 despite USD recovery

Alina Haynes

Jan 03, 2023 15:14

Gold price is nearing six-month highs while maintaining gains above the major resistance level of $1,825 thus far on Tuesday. The gold price is continuing its recent increase at the start of 2023, despite the general strengthening of the US dollar.

 

Concerns about a probable global economic slowdown, China's covid comeback, and rising inflation are dragging on market mood, hence pushing demand for the traditional safe-haven Gold price. Expectations that the US Federal Reserve (Fed) would continue its tightening cycle this year to combat rising inflation maintain investor mood generally negative.

 

The risk-off movements are also assisting the US Dollar in finding a floor, limiting the precious metal's advance. In addition, US Treasury bond yields ended the final week of 2022 on a positive note, reducing the Gold price's ability to rise.

 

The S&P Global Manufacturing PMI for December, the first relevant US economic data to be issued this year, will provide additional trade impetus. In addition, markets will closely watch the Wall Street opening for further risk sentiment indicators.

Suggestion