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New York gold futures surged 4.00% intraday, currently trading at $5286.10 per ounce.On January 28th, China Railway Industry Corporation (CRIC) announced that its newly signed contracts for 2025 amounted to RMB 44.396 billion, a year-on-year decrease of 7.79%. Among these, the business of special engineering machinery and related services increased by 6.70% year-on-year, while the business of transportation equipment and related services decreased by 11.90% year-on-year. The total value of major contracts signed/won in the fourth quarter was RMB 2.532 billion, accounting for approximately 8.73% of the companys operating revenue in 2024.Eurozone money markets currently estimate a 25% probability of the European Central Bank cutting interest rates by July, compared to 15% on Tuesday.1. Bank of America: The Federal Reserve will cut interest rates twice in 2026, in June and July respectively. 2. Goldman Sachs: Expects the Federal Reserve to implement two rate cuts this year, with the first cut in June. 3. Morgan Stanley: Expects the Federal Reserve to cut interest rates by 25 basis points each in June and September. 4. Barclays: Expects the Federal Reserve to cut interest rates by 25 basis points each in June and December this year. 5. EY Bordrin: Expects the Federal Reserve to cut interest rates by a total of 50 basis points this year, but not until the second half of the year. 6. JPMorgan Chase: No longer expects the Federal Reserve to cut interest rates in 2026; the next action is expected to be a 25 basis point rate hike in the third quarter of 2027. 7. KBC: The next rate cut may not come until March, by 25 basis points. A further 25 basis point cut may be made in the second quarter to reach the neutral interest rate level. 8. Oxford Economics: The Federal Reserve will maintain its policy unchanged until June. A decline in inflation will allow the Federal Reserve to lower interest rates sooner if the labor market weakens further. 9. ING: The baseline forecast is for the Fed to cut rates in March and June, but the apparent risk now is that this pace could be delayed by three months overall. The Feds "dual mandate" will face more pressing pressure to achieve a rate cut in March. 10. ANZ: A pause in rate cuts in January was appropriate, but a prolonged pause is unnecessary. They forecast the FOMC to cut rates by 25 basis points each in March and June. 11. Wells Fargo: Given the two months of economic data to be released before the March meeting, rate cuts could come earlier, in March and June. The risk to their forecast leans towards a delay in the timing of rate cuts.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 3.3 occurred at 15:27 on January 28 near Sunan County, Zhangye City, Gansu Province (38.93 degrees north latitude, 98.22 degrees east longitude). The final result is subject to the official rapid report.

Gold Exceeds $1,800, Then Declines As the Dollar Strengthens

Skylar Williams

Aug 03, 2022 11:13

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Gold returned slightly on Tuesday to the $1,800 level targeted by market longs after exactly one month.


The gold futures contract for December on the New York Comex rose $2 to $1,787.70 per ounce, after reaching a high of $1,804.95.


In response to China's fury over the U.S. House Speaker Nancy Pelosi's travel to Taiwan, a country Beijing regards as its territory with no sovereignty of its own, the dollar had its greatest spike in over a month.


Gold on the Comex has failed to reclaim the psychologically significant positive level it lost on July 1 as a result of the dollar's meteoric rise on expectations of further Federal Reserve interest rate rises.


Sunil Kumar Dixit, chief technical strategist at skcharts.com, commented, "The futures have blown off some froth at the top, but the upside is still quite strong." "Play will continue until Comex hits $1,830 or $1,835"


The Dollar Index, which measures the dollar to six other major currencies, increased by over 0.7% to 105.95, marking its highest daily rise since July 5, when it increased by 1.3%. The session's highest point was 106.10 On Tuesday, the dollar index touched a near three-week low of 104.92.


Along with the dollar, U.S. bond rates contributed to gold's decline on Tuesday, as the benchmark 10-year Treasury note notched its largest one-day increase since March.


Not reaching $1,800, the spot price of bullion, which is frequently connected with the price of gold futures, peaked at $1,788.12.


Comex gold's turnaround toward $1,800 was sparked by Federal Reserve Chair Jerome Powell's comments last Wednesday that the central bank could not predict whether it will sustain the aggressive rate hikes it has adopted to battle inflation since March.


With the release of the gross domestic product statistics for the second quarter on Friday, the United States officially entered a recession.


The previous week's performance for gold was its best since the week of February 25. The possibility of a recession and the Fed's rate hikes approaching their peak contributed to gold's appreciation.


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