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New York gold futures extended gains to 1.00% on the day, currently trading at $4,955.50 per ounce.According to futures news on February 18th, as of the week ending February 14th, Japanese commercial crude oil inventories decreased by 364,589 kiloliters from the previous week to 9,712,459 kiloliters. Japanese gasoline inventories increased by 82,325 kiloliters from the previous week to 1,706,551 kiloliters. Japanese kerosene inventories decreased by 177,598 kiloliters from the previous week to 1,455,421 kiloliters. The average operating rate of Japanese refineries was 89.0%, compared to 89.2% the previous week.February 18th - According to data from Maoyan Professional Edition, the total box office of new films released during the 2026 Spring Festival has exceeded 1.7 billion yuan. "Pegasus 3", "Silent Assassination", and "Boonie Bears: The Big Adventure" are currently ranked as the top three films in the Spring Festival box office chart.On February 18th, Goldman Sachs economists stated in a report that the Reserve Bank of New Zealands monetary policy statement, particularly its forward guidance, was more dovish than expected. While the market had already factored in a 40 basis point increase in the official cash rate by 2026, the central bank indicated that policy settings are likely to remain accommodative for some time. Economists noted that the RBA conveyed confidence that inflation will fall back to the mid-2% range over the next 12 months, but also warned of the recent unexpected rise in overall inflation. Given the large amount of spare capacity in the economy, Goldman Sachs expects a strong economic recovery while inflationary pressures will remain moderate. They stated, "We believe the RBAs statement today is consistent with the view that the banks first rate hike will be postponed to the fourth quarter of 2026."New York gold futures touched $4,950 per ounce, up 0.90% on the day.

Gold Price Forecast: XAU/USD views $1,800 as upbeat US labor market fuels hawkish Fed wagers

Alina Haynes

Mar 09, 2023 13:55

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Gold price (XAU / USD) appears vulnerable above $1,810.00 as the upside appears constrained by rising Federal Reserve rate expectations (Fed). The precious metal is anticipated to resume its decline as strong United States Employment data reported by Automatic Data Processing (ADP) has confirmed that January's strong consumer spending and higher payrolls were not a one-time blow to the Consumer Price Index's decline (CPI).

 

S&P500 futures have given up the slight gains they made on Wednesday during the Asian session. As China's CPI and Producer Price Index (PPI) figures indicate deflation, the risk-aversion theme has intensified. The US Dollar Index (DXY) has maintained a sideways trend above 105.20 as investors await the publication of US Nonfarm Payrolls (NFP) data for fresh direction signals. The alpha provided by 10-year US Treasury bonds has risen above 3.98 percent.

 

The official US Employment data is expected to indicate a decline in the payrolls to 203K from the former release of 514k. A figure of 203K is not as terrible as January's 514K figure, but it appears insignificant in comparison. Investors should be aware that a figure of 514K in the last seven months was exceptional.

 

Aside from that, it is anticipated that the unemployment rate will remain at a multi-decade low of 3.4%. The Average Hourly Earnings are expected to ascend to 4.8% on an annual basis. Household income may increase consumer expenditure. Jerome Powell, the chairman of the Federal Reserve, has already confirmed that the Fed will increase interest rates in order to reduce inflation.


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