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On March 18th, Salman Ahmed of Fidelity International stated in a webinar that short-term oil demand is extremely inelastic, and prices are likely to remain high in the short term. However, central banks worldwide still have time to address the impact of the Middle East conflict. His core view is that oil prices will remain in the $90-$120 range, despite the risk of further surges. This could provide a reason for central banks to remain on the sidelines. Irans effective blockade of the Strait of Hormuz has already caused oil prices to surge by approximately $100.Green Party leader Polanski: Britain needs to "break free from the vicious cycle in the bond market".New York gold futures fell 1.00% on the day, currently trading at $4,958.10 per ounce.On March 18th, Yu Wenzhou, Chief Physician of the Chinese Center for Disease Control and Prevention, stated that since mid-to-late February, all provinces have begun procuring HPV vaccines and have been gradually implementing free vaccination programs. Currently, routine vaccination sites have HPV vaccines available. Girls aged 13 and above can receive the HPV vaccine at nearby community health service centers, township health centers, or temporary vaccination sites at schools, according to the arrangements made by disease control departments and schools.EU guidance: If authorized liquefied natural gas (LNG) freight is diverted due to the closure of the Strait of Hormuz, the relevant companies do not need to apply for new authorization licenses.

Gold Price Prediction: XAU / USD Bulls encounter resistance, while bears eye trendline support

Alina Haynes

Mar 13, 2023 11:24

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Gold price was approximately 0.5% higher at the start of the week following a 2% increase in the first hour of Tokyo trade on Friday, and as US authorities announced plans to limit the repercussions from the failure of Silicon Valley Bank (SVB). Gold is currently trading at $1,878 and ranges from $1,867.03 to $1,894.68 at the time of writing.

 

In a joint statement, the US Treasury and Federal Reserve announced a number of measures to stabilize the banking system and announced that depositors at SVB would have access to their funds on Monday. The Biden administration on Sunday guaranteed that customers of the failed Silicon Valley Bank will have full access to their funds beginning Monday. Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, and Federal Deposit Insurance Corporation Chairman Martin J. Gruenberg stated in a joint statement on Sunday that the FDIC will compensate SVB and Signature's customers in full.

 

Investors hypothesized that the Federal Reserve would be reluctant to upset the boat by increasing interest rates by a massive 50 basis points this month, resulting in a weaker US Dollar. Fed fund futures surged in early trading, implying only a 17% chance of a half-point hike, down from 70% before the SVB announcement last week. The apex for rates was 5.14%, down from 5.69% last Wednesday, and markets were even pricing in rate cuts by the end of the year. In a move that has benefited the price of gold, yields on two-year Treasuries fell to 4.445%, well below last week's peak of 5.08%.

 

In the meantime, speculators will focus on the US Consumer Price Index data that will be released on Tuesday. Even though the financial system is under stress, there is the possibility of a more aggressive Federal Reserve if the data comes in strong. ´´Core prices likely gained momentum in February with the index increasing a robust 0.5% MoM, as we look for the recent substantial relief from goods deflation to start normalizing,´´ analysts at TD Securities explained. "Shelter inflation is likely to remain the most significant wild card, while a decline in petroleum and food prices will likely reduce non-core CPI inflation. Our m/m forecasts imply total/core price growth of 6.1%/5.5% YoY.

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