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On September 14th, UBS precious metals strategist Joni Teves noted in a report that gold investors may have already turned their attention to the situation following the next action by the Federal Reserve. She expects the market to have largely priced in the rate hike and will focus more on other reasons to buy gold, such as its attractiveness as a diversification tool and the continued robust demand from official sectors. She added that India is approaching its peak gold demand season, and investment activity in China also appears to be providing support for the gold market. She believes that gold prices may remain volatile in the short term, but the possibility of further gains by the end of the year is increasing. She pointed out that even if the Fed raises rates in September, gold may still experience a "reflexive pullback," but this will not disrupt the overall recovery trend.On September 14th, according to Qichacha APP, Wuxi Gongwang Sensing Technology Co., Ltd. recently underwent industrial and commercial registration changes, adding Hefei NIO Industrial Development Equity Investment Partnership (Limited Partnership), an affiliate of NIO Capital, as a shareholder, and increasing its registered capital to 3.7784 million yuan. Public information shows that the company is a developer of inductive sensors.September 14th - The Iraqi Ministry of Health released updated casualty figures on the 14th, stating that an ammonia leak at a state-owned fertilizer plant in Basra province in southern Iraq the previous day had resulted in 2 deaths and 114 injuries, most of whom sustained minor injuries. The Iraqi Civil Defense previously stated that preliminary investigations indicated the accident was caused by a sudden, accidental gas leak, and the situation is currently under control.On September 14th, tech media outlet Macobserver published a blog post yesterday (September 13th) reporting that Apple disclosed six proprietary application programming interfaces (APIs) during its technical explanation of the iPhone Duo, the most noteworthy being support for dual app functionality. In the explanation, Apple introduced at least six iPhone Duo-specific APIs, including UIWindowSceneActivation, which allows applications to request a second window. Apple stated that the iPhone Duo is its first model to natively support dual app functionality, but the new window can only be opened on the inner screen, not the outer screen. Publicly available information shows that iOS currently does not natively support "dual app functionality/app cloning," for example, its not possible to natively install two separate WeChat accounts on the same iPhone and log in to them separately. According to Apples technical explanation, on the iPhone Duo, users should be able to open two WeChat applications simultaneously and run different accounts independently. However, this is currently only theoretically supported, and further testing is needed to verify this.September 14th - Some investors are snapping up New Zealand bonds, betting that weak economic growth will keep the Reserve Bank of New Zealand (RBNZ) cautious about raising interest rates and extend the bonds outperformance relative to its global peers. Asset management firm Insight Investment favors shorter-term bonds, believing the market has overpriced RBNZ rate hikes. Harbour Asset Management stated that the countrys bonds also benefit from a steep yield curve and relatively restrained government spending compared to its G10 peers. These bullish bets come after New Zealand bond yields jumped to multi-year highs last Friday due to surging oil prices fueling expectations of an October rate hike. Prior to the recent oil price rally, RBNZ officials had hinted at a slower pace of rate hikes, citing an uneven and fragile economic recovery from recession. Traders are currently pricing in four more rate hikes by August next year, in addition to the RBNZs two hikes this year.

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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