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Newly listed stock N-group on the Beijing Stock Exchange surged by over 400%.The Peoples Bank of China (PBOC) announced today that it conducted 20.5 billion yuan of 7-day reverse repurchase operations, with both the bid and winning bids amounting to 20.5 billion yuan. The operating rate was 1.40%, unchanged from the previous rate.Samsung Electronics shares rose to 6.5%.On March 18th, according to Shaanxi Provincial Governments official website, the Shaanxi Provincial Committee for Comprehensively Deepening Reform held a meeting on March 17th. Zhao Yide, Secretary of the Provincial Party Committee and Director of the Committee, emphasized the need to thoroughly implement the "Four Projects" for the development of technology-based enterprises, establish a key enterprise cultivation pool for "small-to-medium-sized" enterprises, improve the "one-on-one" service mechanism for enterprise listing, and support a number of promising startups to grow into leading local enterprises. He also stressed the need to deepen the reform of the "Five Mechanisms" for science and technology financial services, support financial institutions in launching a number of groundbreaking "first-of-its-kind, first-of-its-kind, first-of-its-kind" business service pilots, and coordinate various financial elements to form a "funding relay" covering the entire innovation cycle.March 18th - According to the website of the China Maritime Safety Administration, the Sanya Maritime Safety Administration issued a navigation warning stating that military training will be conducted in parts of the South China Sea from 13:00 to 18:00 on March 18th, and entry is prohibited.

Fundamental Gold Prediction: The US Dollar Weighs on Gold. Will U.S. Retail Sales Change Direction?

Daniel Rogers

May 16, 2022 11:15

Gold prices declined further last week as traders considered the likelihood of an economic recession in light of the Federal Reserve's more hawkish stance. This was supported by a number of inflation reports from the United States. The consumer price index (CPI) for April came in at 8.3 percent year-over-year, exceeding analysts' projections of 8.1 percent year-over-year. The producer price index (PPI) for the same period shows that factory-gate prices have risen by 11.0 percent year-over-year.

 

This batch of inflation data contributed to the dollar's appreciation against the majority of its major rivals. A stronger Dollar often works against the price of bullion. Due mostly to Finland's announcement that it plans to strongly pursue NATO membership, the Euro depreciated. This drew a strong response from Russia, which vowed to respond, so reinforcing the risk-averse sentiment that has been permeating the Eurozone.

 

During the upcoming week, traders will closely monitor numerous high-profile data releases that may affect XAU prices. The US retail sales report for April may have the most impact on market mood. According to a Bloomberg survey, analysts expect April retail sales to increase by 0.7% month-over-month. A stronger-than-expected figure may alleviate some concerns about an impending economic recession. As the US Dollar has been operating as a safe haven for traders, this would likely serve to weaken the currency and may allow gold to climb by reducing risk aversion.

Gold versus US Dollar Chart Weekly

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