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The euro rose to a one-month high against the dollar (EUR/USD), currently trading at 1.1678. The pound rose to a one-month high against the dollar (GBP/USD), currently trading at 1.3294.Ubers (UBER.N) CEO plans to travel to Asia next week, visiting Japan and South Korea. During the trip, he will meet with government officials, business leaders, and Uber employees.December 3 – European Central Bank Chief Economist Lane said on Wednesday that several “upside surprises” have recently occurred in eurozone inflation, raising questions about the ECB’s expectation that inflation will fall early next year. Speaking at an event, Lane noted, “Inflation risks are not one-way; we have recently observed some upside surprises.” He added, “Due to lower energy prices, we had clearly predicted that inflation would fall below the target level, especially in the first few months of next year. But since then, some data have actually moved in the opposite direction, and these changes constitute a moderating factor in our current forecast.”Bank of America Global Research has raised its price target for Amazon (AMZN.O) to $303.00, up from $272.00 previously.December 3rd - Official Swiss data showed that Switzerlands inflation rate unexpectedly slowed by 0.1 percentage point in November, falling to 0%, slightly below expectations. Economists said on Wednesday that despite the lower-than-expected inflation rate, falling to the lower end of the Swiss National Banks (SNB) target range, the SNB will maintain its zero-interest-rate policy next week and throughout 2026, rather than opting for negative interest rates. J.Safra Sarasin economist Karsten Junius stated, "There is no need to adjust policy." Rudolf Minsch, chief economist of the Swiss Economic Union, a major Swiss business lobbying group, also predicts that the SNB will maintain zero interest rates next week and throughout 2026, while Switzerlands inflation rate will rise to around 0.4% next year. He said, "Negative interest rates would also have adverse effects and should only be used when urgently needed, but we havent seen that."

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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