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September 2nd - The State Intellectual Property Office announced that a media briefing for the 15th China Intellectual Property Annual Conference will be held this morning. The 15th China Intellectual Property Annual Conference will be held in Beijing from September 8th to 9th, focusing on the theme of "Striving to Promote High-Quality Development of Intellectual Property Undertakings during the 15th Five-Year Plan Period," and will cover key topics such as intellectual property protection and utilization, cutting-edge fields like artificial intelligence, enterprise innovation and development, and international exchange and cooperation.September 2nd - According to foreign media citing sources familiar with the matter, AI programming startup Cognition AI is about to complete a new round of financing, which will boost its valuation to approximately $47 billion. Sources revealed that the companys latest round of financing is approximately $1 billion. One source indicated that due to the much higher-than-expected demand for this round of financing, the final size of the funding round may exceed $1 billion. He added that Cognition has received nearly $10 billion in investment intentions. Sources indicated that negotiations are still ongoing, and specific details are still subject to change.The U.S. State Department is working with Congress to provide $60 million to help Pacific island nations cope with the ongoing global energy crisis.September 2nd - According to foreign media citing sources familiar with the matter, Nvidia (NVDA.O) is in advanced talks to acquire artificial intelligence startup Hugging Face in a deal worth approximately $14 billion. One source indicated that Nvidia could reach an agreement as early as this week to acquire Hugging Face for $12.9 billion. The source stated that the deal may include a $1 billion employee retention program. The sources also indicated that no final agreement has been reached, and the timing and specific terms of the deal are still subject to change. Acquiring Hugging Face would be Nvidias largest move since Jensen Huang expanded the application of artificial intelligence and broadened its customer base. This transaction would give Nvidia control of a key platform where global developers can showcase and share AI models.September 2nd - According to AXIOS, the US military attacked two Iranian government oil tankers as part of a series of military strikes launched on Tuesday. US officials stated that this is the first time the US has targeted Iranian oil tankers in retaliation for Iranian attacks on ships transiting the Strait of Hormuz, whereas previous military actions against Iranian tankers were primarily aimed at preventing violations of the US maritime blockade. A US official stated that this is part of a new "tanker for tanker" policy approved by President Trump, designed to further deter Iranian attacks on tankers passing through the Strait of Hormuz. The attacked Iranian government oil tankers were anchored off the Iranian coast, north of the US maritime blockade line. A US drone fired a missile that struck the tankers engine room. US officials stated that targets also included Iranian Islamic Revolutionary Guard Corps air defense positions, radar systems, mine-laying facilities, communication facilities, anti-ship cruise missile launchers, and attack drone launchers.

Gold Price Prediction: XAU / USD will continue to fluctuate above $1,900 despite a decline in US Inflation

Daniel Rogers

Mar 15, 2023 11:43

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Gold price (XAU / USD) is not in danger despite U.S. inflation figures meeting expectations. Since Monday, the precious metal has been fluctuating continuously between $1,895 and $1,913. The release of the US Consumer Price Index (CPI) failed to produce a significant reaction in the Gold price; however, the upside bias appears to be solidified as wagers on lesser rate increases from the Federal Reserve (Fed) have increased.

 

The US Dollar Index (DXY) is protecting the critical support at 103.50, but it appears vulnerable to further losses as investors' risk appetite has dramatically increased. As market participants purchased S&P500 futures in response to higher odds of a smaller rate hike from Fed chair Jerome Powell, a likely recession in the US economy was postponed, signaling an uptick in optimism.

 

Contrary to the risk-on sentiment, demand for US Treasury bonds remained weak, causing 10-year US Treasury yields to rise above 3.68 percent.

 

The headline As anticipated, the US CPI increased by 0.4% on a monthly basis, and the annual figure decreased from 6.4% to 6.0%. In addition, the core CPI, which excludes crude and food prices, decreased to 5.5% from 5.6% previously. The Fed appears to be pleased with the persistence of a declining trend in US inflation.

 

In the future, investors will closely monitor the US Retail Sales (Feb) data. Monthly Retail Sales data is anticipated to decline by 0.3% compared to the previous release of a 3.0% increase. This indicates that the consumer spending rebound is over and the Fed is on course to achieve its inflation target of 2%.

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