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According to TASS: Russian air defense forces shot down 32 Ukrainian drones at night.On October 12th, French Prime Minister Jean-Claude Le Cornu, who was reappointed by French President Emmanuel Macron as Prime Minister on October 11th local time, stated during a visit to a police station in the Paris suburbs that he currently only wants to focus on resolving Frances political crisis. Given the deep political divisions within Frances political parties, he could be impeached by the National Assembly at any time. Le Cornu declined to specify when he would form a new government or its potential composition, but did indicate that it would not include anyone interested in running in the 2027 presidential election.On the evening of October 12th, local time, Wilders, leader of the far-right Dutch Freedom Party, posted on social media that the Dutch National Intelligence Service had officially informed him that he was being targeted by a terrorist organization. As a result, he had decided to suspend all campaign activities. The Netherlands is set to hold parliamentary elections on October 29th, and Wilderss far-right Freedom Party is currently leading in opinion polls. According to multiple European media reports, the terrorist organization also orchestrated the recent attack on Belgian Prime Minister Thomas de Weve. The Belgian government has arrested two suspects in connection with the case.On October 12, according to the Russian Satellite News Agency, the Afghan Ministry of Defense issued a statement saying that in response to repeated Pakistani airspace incursions and airstrikes, Afghanistan had carried out retaliatory operations against Pakistani security forces along the border. The statement said, "The operation successfully concluded at midnight." The report also warned that "if Pakistan violates Afghan airspace again, the Afghan armed forces will resolutely retaliate to defend the border." Reports indicate that Afghanistan began striking Pakistan on the evening of October 11 in response to attacks in Kabul and Paktika Province in the early morning hours of the 10th. According to Afghanistans Dawn News Network, the conflict between Afghanistan and Pakistan has resulted in the deaths of 12 Pakistani soldiers. Reuters also reported that Pakistani security officials alleged that the Afghan side launched unprovoked attacks, with the two sides exchanging fire at more than six locations along the border.On October 12th, local time, senior Hamas official Osama Hamdan announced that 48 Israeli detainees in the Gaza Strip would begin to be released on the morning of the 13th. According to the first phase of the Gaza ceasefire agreement, within 72 hours of the Israeli withdrawal, Hamas must release all Israeli detainees in the Gaza Strip and return the remains of those who died. Israel will also release approximately 1,900 Palestinian detainees. Hamas had previously stated that it might be difficult to recover the remains of some of the detainees within the 72-hour deadline, a fact Israel is aware of. It is understood that 20 Israeli detainees remain alive in Gaza, while another 28 have died.

Gold Price Prediction: XAU/USD Retraces to $1,800 Prior to US NFP

Alina Haynes

Dec 02, 2022 15:36

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Gold price (XAU/USD) replicates the traditional pre-NFP consolidation pattern as it falls from a four-month high to $1,780 on Friday morning. Consequently, the yellow metal records its first daily loss in four days amid cautious market conditions.

 

Amid sluggish trading hours, recent comments from International Monetary Fund (IMF) Managing Director Kristalina Georgieva seems to have weighed on the XAU/USD bulls in addition to the apprehension around the release of vital US job statistics. "Recession risks are rising for many countries, and the outlook for global growth is extraordinarily uncertain and dominated by risks," stated Georgieva of the IMF.

 

In addition, concerns regarding the deceleration of the Initial Public Offering (IPO) markets may have contributed to the Gold price decline. "A global slowdown in initial public offerings owing to increased market volatility and a regulatory cloud over fresh listings from China has produced pent-up demand that could lead to an IPO boom in 2023," according to industry experts speaking at the Reuters NEXT conference.

 

In addition, the recent comments from New York Fed's John Williams appeared to have tested US Dollar bears and helped Gold sellers, as the policymakers stated that the Fed has more rate hikes to implement.

 

S&P 500 Futures fall 0.30 percent intraday to 4,070, although US 10-year Treasury yields rebounded from a 10-week low to reach 3.53 percent as of press time.

 

Notably, the dovish fears regarding the US Federal Reserve's (Fed) next move, supported by the gloomy Fedspeak and softer US statistics, appear to keep gold bears optimistic ahead of the US jobs report. Forecasts indicate that headline Nonfarm Payrolls (NFP) will likely decrease to 200K from 261K previously, while the unemployment rate is projected to remain steady at 3.7%. It should be noted that a probable decrease in Average Hourly Earnings for the month in question could also weigh on the Gold price.

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