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On June 6, the Argentine Ministry of Health announced on June 5 that it would expand its investigation into the Hantavirus by sending an expert team to Mendoza Province in western Argentina. In a statement, the Ministry said that based on rodent behavior and epidemiological criteria, the expert team decided to expand the investigation to Mendoza Province. A team comprised of experts from the Carlos Malván Institute of the National Institute of Laboratories and Health of Argentina and the U.S. Centers for Disease Control and Prevention will conduct the investigation in Mendoza Province from June 8 to 12. The team will set traps to capture rodents such as the long-tailed dwarf rice rat, which are linked to the spread of Hantavirus. All samples will undergo preliminary processing in the on-site laboratory and then be temporarily stored at a local facility before being transported to the Malván Institute.June 6th - Stronger-than-expected US non-farm payroll data for May ignited market concerns about a Federal Reserve rate hike this year. On Friday, previously crowded and highly valued AI and technology stocks suffered a sharp decline, while gold and silver prices also plummeted. Ryan Detrick, chief market strategist at Carson Group, noted, "The technology and semiconductor sectors have experienced a record rally over the past nine weeks, and today the market dam finally broke. The stronger-than-expected jobs report has put the Fed in a dilemma regarding whether to cut rates for the remainder of the year, and the market is expressing its dissatisfaction by selling off its best-performing stocks this year." Phil Streible, chief market strategist at Blue Line Futures, pointed out that some investors reduced their gold holdings to offset losses in other assets, exacerbating the selling pressure on precious metals. Bart Melek, global head of commodities strategy at TD Securities, stated, "The non-farm payroll data significantly exceeded market expectations. Given the ongoing Middle East wars, high energy prices, and significant inflationary pressures, the Fed has virtually no intention of cutting rates. In this context, the cost of holding gold is becoming increasingly high."June 6th - In Jinan, AI models are now being mass-produced on assembly lines, much like automobiles. The first step in producing AI models begins in the data workshop, essentially the raw material warehouse for the entire large model factory. Massive amounts of raw data are cleaned, filtered, and labeled here, transforming them into qualified raw materials for model production. The second step is model forging. In the model workshop, the employees on the production line are the "large models" themselves, and various large models become "digital craftsmen," training the models according to order requirements. The trained AI models then enter the third step: rigorous final testing. What leaves the model workshop is only a semi-finished product. In the factorys evaluation center, new models are constantly given "tests." If they fail the test, they are sent back for rework. Only by passing the rigorous "final test" can the model enter the market. Passing the test leads to the fourth step—integration training. In the integration workshop, the models are "integrated" into robotic arms and robots. Through repeated motion collection and training, the AI or intelligent agent can master physical skills before it can empower various industries. The seemingly simple four-step process actually includes 75 meticulous procedures, reducing the AI model development cycle from 90 person-days to 20 person-days.On June 6, Mohsen Rezaei, military advisor to Irans Supreme Leader, warned in an interview with CNN on June 5 that if the fighting continues and the US does not lift its naval blockade of Iran, the conflict could spread to a wider area, including the Indian Ocean, and Iran would also strike more US military bases, at which point the US would suffer "very heavy" losses.Jamaican Energy Minister Daryl Wass said on social media on the 5th that Jamaica experienced a nationwide blackout that day, with several administrative districts losing power. The cause of the failure is still under investigation, and the national power company has begun emergency repairs.

Gold Price Prediction: The XAU/USD pair remains stable near $1,750 as central bankers travel to Jackson Hole

Alina Haynes

Aug 24, 2022 15:11

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Gold price (XAU/USD) ranges between $1,745 and $1,746 as traders prepare for Wednesday's European session.

 

In doing so, the shiny metal reflects the cautious disposition of the markets ahead of the US Durable Goods Orders report for July. The fact that global officials have recently left for Friday's important address at the Kansas City Fed's symposium in Jackson Hole further restrains the bullion's quick movement.

 

According to Reuters, "many of the central bankers travelling to the Grand Teton mountains this week are hopeful that the current inflationary pressures will abate swiftly enough to allow them to fight the projected economic downturns around the world."

 

Notably, the decline in US 10-year Treasury yields, near 3.03% and down 2.5 basis points (bps), also benefits the gold price. In contrast, economic concerns surrounding China, the world's largest consumer of commodities, impact on the XAU/USD exchange rate. Bloomberg reported that "authorities have been attempting to put a floor under a downturn caused by China's widening real estate crisis as well as a lingering impact to consumer and business mood caused by a stop-and-go Covid control plan."

 

Stock futures remain moderately offered as the US Dollar Index (DXY) oscillates near the intraday high after reversing from the yearly peak the day before.

 

US Durable Goods Orders for July, anticipated to be 0.6% versus 2.0% previously, will be crucial for intraday direction. However, Friday's statement by Fed Chairman Jerome Powell at the Kansas City Fed's conference in Jackson Hole deserves significant consideration. If authorities see recession as a greater risk than inflation and demonstrate a willingness to reverse the previously hawkish tilt, the XAU/USD could see additional gains.