EUR/USD 1.18526
-0.986%
Gold 4847.62
-9.836%
Oil 65.488
0.377%
USD/JPY 154.755
1.076%
GBP/USD 1.36826
-0.917%
GBP/JPY 211.750
0.158%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
February 1st - On February 1st local time, Iranian Parliament Speaker Mohammad Ghalibaf issued a stern statement at an open parliamentary session, announcing reciprocal countermeasures against recent European designations of the Iranian Islamic Revolutionary Guard Corps (IRGC). Ghalibaf declared that Iran officially designates the armed forces of European countries as "terrorist organizations." Ghalibaf emphasized that the EU will bear full responsibility for all legal and practical consequences arising from this designation, including the risk of security confrontation within the region.Indias budget includes five initiatives for the textile industry, including the establishment of large textile industrial parks.Indias budget proposes to revitalize traditional industrial sectors, promote infrastructure development, and develop urban economic zones.The National Stock Exchange of India: The reference price for exchange-traded gold and silver ETFs will be based on the net asset value of the previous trading day (T-1), with a specified lower price range of 20% applicable to the net asset value on T-1.February 1st - A research report from Shenwan Hongyuan Securities stated that on January 30th (Beijing time), Trump nominated Warsh as the next Federal Reserve Chairman, causing significant volatility in financial markets. However, in terms of interest rate cut expectations, the Warsh nomination and the January FOMC meeting did not have a major impact, with the market still expecting two Fed rate cuts in 2026.

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

Alina Haynes

Mar 09, 2023 13:55

27.png 

 

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.


Suggestion