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The Russian government has extended the export ban on diesel producers until the end of September. 3. OpenAI announces termination of its partnership with Cursor due to SpaceXs acquisition of the company. 4. US Defense Secretary Hergsays reportedly considering running for president in 2028? The Pentagon denies this. 5. The CFTC confiscated $172,000 from a former White House teleprompter for illegally trading information from Trumps speeches. 6. Middle East Situation—① Iranian media: $7.5 billion in oil revenue has been transferred to the Central Bank of Iran. ② Iranian Foreign Minister: US government officials manipulated the energy market for personal gain. ③ Iran says US military bases in the region are only for protecting Israel.On August 29, Al Jazeera reported that the Iraqi armed group Kataib Sayyid al-Shuhada stated it would cooperate with arms control in Iraq only if 10 conditions were met, the most important being the complete withdrawal of US troops from Iraq. This group has long maintained ties with the Iranian Revolutionary Guard. In its statement, the group demanded the termination of the US military presence in Iraq "under any pretext" and a ban on attacks against neighboring countries using Iraqi airspace. The group also demanded that all weapons be brought under national control only if measures were simultaneously taken to strengthen Iraqs armed forces and air defense capabilities. Other conditions proposed by the group included the withdrawal of Kurdistan Workers Party (PKK) militants from Iraqi territory, federal government control of the Kurdish border regions, and the elimination of Iranian opposition groups stationed in northern Iraq.On August 29, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, spoke by phone with Nepalese Foreign Minister Shisir. Wang Yi stated that Chinas comprehensive aid package to Nepal is being implemented, including emergency cash assistance and humanitarian aid. 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Gold Price Forecast: The XAU/USD pair struggles to continue its climb above $1,870, although the upside remains likely

Alina Haynes

Jan 09, 2023 12:00

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During the Asian session, the gold price (XAU/USD) is hovering in a narrow range around the immediate barrier of $1,870. The precious metal hopes to extend its uptrend in light of market players' increased risk appetite.

 

S&P500 futures have contributed to their gains during Friday's surge, indicating an optimistic market sentiment. The US Dollar Index (DXY) has detected resistance at 103.50 and is likely to find support near 103.00. The yields on 10-year US Treasuries have decreased to approximately 3.56 percent due to a loss in safe-haven attraction.

 

Amidst mounting prospects of a U.S. recession, the gold price is garnering considerable attention. Following a string of declines in the US ISM Manufacturing PMI, the Services PMI has also declined, indicating a decline in overall demand in the United States economy. The Services PMI dropped sharply to 49.6 compared to the predicted 55.0. In addition, the New Orders Index, a measure of future demand, plummeted to 45.2% as opposed to the anticipated 58.5%. The U.S. dollar is affected by a slowdown in economic activity and its expectations for the future.