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A Reuters poll shows that despite assurances from the Japanese government that supplies are sufficient, almost all Japanese companies are concerned about purchasing oil and petroleum products.1. All three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 0.98% to 51,492.55 points, the S&P 500 fell 1.21% to 7,420.1 points, and the Nasdaq Composite fell 1.34% to 26,021.66 points. Salesforce fell over 4%, with Microsoft falling over 3%, leading the decline. The Wind U.S. Tech Big Seven Index fell 2.4%, with Facebook falling over 5% and Microsoft falling over 3%. SpaceX fell nearly 5%. The Nasdaq China Golden Dragon Index fell 1.14%, with Canadian Solar falling over 4% and Beike falling over 3%. Technology stocks led the decline, and Treasury yields surged. 2. The three major European stock indexes closed mixed. The German DAX rose 0.10% to 24,934.67 points; the French CAC40 fell 0.20% to 8,430.79 points; and the UK FTSE 100 rose 0.14% to 10,508.61 points. 3. The WTI crude oil futures contract closed down 0.35% at $75.01 per barrel; the Brent crude oil futures contract fell 0.38% to $78.66 per barrel. 4. International precious metals futures generally closed lower, with COMEX gold futures down 1.79% to $4276.30 per ounce and COMEX silver futures down 2.93% to $67.96 per ounce.Iranian Foreign Ministry spokesman: It has not yet been confirmed that Iran and the United States will hold talks in Switzerland on Friday.Iranian Foreign Ministry spokesman: Iran must be able to sell its oil smoothly, with no obstacles in transportation and insurance, and must receive the revenue from the oil sales.Local authorities say Russia fired missiles at Kyiv.

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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