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On September 14th, Martin Kocher, the new president of the Austrian National Bank and a member of the ECBs governing council, said in an interview that the ECB could temporarily maintain interest rates at 2% unless there were major shocks. "At this point, this interest rate cycle is over, or very close to it," Kocher said. This Thursday, the ECB held interest rates at 2% for the second consecutive meeting. Kocher said that "if there are no major changes in the data," the rationale for this months decision will to some extent "continue to hold true in future ECB meetings." When asked about his personal stance, Kocher said that he currently "inclined to remain cautious on monetary policy" and advised against taking excessive risks on inflation.Romanias Ministry of Defense said on September 14 that a drone intruded into Romanian airspace on Saturday during a Russian attack on Ukrainian infrastructure near the border, forcing the country to scramble fighter jets. Defense Minister Ionut Mosteanu said an F-16 fighter pilot narrowly missed shooting down the drone, which was flying very low and then left Romanian airspace toward Ukraine. Romania, a member of the European Union and NATO, shares a 650-kilometer (400-mile) border with Ukraine. The Romanian Ministry of Defense said in a statement that two F-16 fighter jets, and later two Eurofighter jets, were scrambled on Saturday, and warned residents of Tulcea County in the southeast, near the Danube River and the Ukrainian border, to take cover.On September 14, Penske Media, the owner of Rolling Stone and Billboard, sued Google in a federal court in Washington, D.C. on Friday, accusing the latter of using its AI summary feature without permission and cutting website traffic. This is the first time that a major American publisher has filed a lawsuit against Googles AI-generated summaries. For months, several news organizations have said that these new features will divert users and erode advertising and subscription revenue. The lawsuit stated that AI summaries are currently displayed in about 20% of Google search results linking to its website, and the proportion is expected to continue to rise. As search traffic declines, the companys associated revenue will have fallen by more than a third from its peak by the end of 2024. Google responded on Saturday that AI summaries can provide users with a better experience and bring traffic to more different types of websites.According to the local governor: A fire broke out at the Kirish oil refinery in Russia after the wreckage of a drone fell, and the fire has now been extinguished.On September 14th, US media reported on the 13th that FBI Director Kash Patel was questioned for mistakenly announcing a "suspect in custody" in the assassination of Charlie Kirk, a political ally of US President Trump. Following the shooting on the 10th, local police in Utah quickly arrested one person, and Patel announced the arrest on social media. However, it was later confirmed that police had arrested the wrong person, with the shooter still at large. Patel will face questioning from lawmakers about this case and broader issues at a congressional hearing next week.

Gold Price Prediction: XAU/USD declines near $1,750 as risk aversion anticipates NFP data release

Alina Haynes

Aug 02, 2022 15:03

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During Tuesday's opening European session, the gold price (XAU/USD) deepens its retreat from a nearly three-month-old resistance line, falling below $1,773. In spite of this, the precious metal exhibits a five-day rise around the greatest levels since July 5.

 

The metal's early-day rally may have been influenced by a broad dollar decline and Treasury rates. The XAU/USD exchange rate afterwards looked to have been influenced by China-related news and rising worries of an economic downturn.

 

Nonetheless, the visit of US House Secretary Nancy Pelosi to Taiwan and the probable difficulties for Chinese chipmakers as a result of the U.S. consideration of banning supplies of American chipmaking equipment further weigh on market mood. Similarly, a Chinese media story may indicate that the dragon country is prepared for a military exercise in Bohai, South China Sea.

 

In addition, Bloomberg's report that Beijing's Gross Domestic Product (GDP) has no fixed limits tends to dampen the market's risk appetite. People acquainted with the situation were quoted in the press as saying, "China's top leaders instructed government officials last week that this year's economic growth objective of "about 5.5 percent" should serve as guideline rather than a mandatory aim."

 

It should be emphasized that China is one of the world's largest users of gold, and that bad news stories about the country might impact on gold prices.

 

Elsewhere, the recently poor US PMIs mirrored last week's US Gross Domestic Product (GDP) for the second quarter to illustrate economic anxiety. Fed Chair Jerome Powell's veiled warnings that the hawks are losing steam might also dampen sentiment.

 

As a reflection of market mood, equities in the Asia-Pacific region and US stock futures see modest losses. However, the US 10-year bond yield decreases 5.5 basis points (bps) to 2.55 percent at the latest, threatening the gold bears via the weakening US dollar. In spite of this, the US Dollar Index (DXY) reestablished the monthly minimum before rebounding from 105.00.

 

The news concerning China and the recession, as well as the remarks of Chicago Fed President Charles L. Evans and Federal Reserve Bank of St. Louis President James Bullard, will be crucial for intraday gold dealers in the future.


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