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According to sources, Boeing (BA.N) will cut approximately 300 supply chain jobs in its defense business unit and will notify affected employees this week.Federal Reserve Governor Lisa Cook will speak on monetary policy and the economic outlook in ten minutes.1. U.S. stock indexes closed mixed. The Dow Jones Industrial Average rose 0.53% to 49,501.3 points, the S&P 500 fell 0.51% to 6,882.72 points, and the Nasdaq Composite fell 1.51% to 22,904.58 points. Amgen rose over 8%, and Nike rose over 5%, leading the Dow Jones gains. The Wind U.S. Tech Big Seven Index fell 1.32%, Tesla fell nearly 4%, and Nvidia fell over 3%. The Nasdaq China Golden Dragon Index fell 1.95%, Kingsoft Cloud fell over 7%, and GDS Holdings fell nearly 7%. AMD plunged over 17%, dragging down the Nasdaq. 2. European stock indexes closed mixed. The German DAX fell 0.72% to 24,603.04 points, the French CAC40 rose 1.01% to 8,262.16 points, and the UK FTSE 100 rose 0.85% to 10,402.34 points. French stocks led the gains, boosted by a rebound in the luxury goods sector and the European Central Banks decision to keep interest rates stable; British stocks were lifted by a stronger pound; German stocks fell as difficulties in the auto parts industry and geopolitical concerns dampened investor sentiment. 3. The South Korean KOSPI index closed up 1.57% at 5371.1 points, setting a new record high. Samsung Electronics market capitalization surpassed 1000 trillion won, becoming the first listed company in South Korea to achieve this milestone. The Nikkei 225 index fell 0.78% to 54293.36 points, with semiconductor stocks collectively declining and auto stocks surging. 4. International precious metals futures generally closed higher, with COMEX gold futures rising 1.04% to $4986.40 per ounce and COMEX silver futures rising 5.36% to $87.77 per ounce. 5. The main WTI crude oil contract closed up 1.99% at $64.47 per barrel; the main Brent crude oil contract rose 2.09% to $68.74 per barrel. 6. U.S. Treasury yields were mixed. The 2-year Treasury yield fell 0.61 basis points to 3.555%, the 3-year Treasury yield fell 0.56 basis points to 3.632%, the 5-year Treasury yield fell 0.17 basis points to 3.830%, the 10-year Treasury yield rose 0.8 basis points to 4.274%, and the 30-year Treasury yield rose 2.38 basis points to 4.918%.February 5th - The China Federation of Logistics and Purchasing (CFLP) released its January 2026 China Logistics Industry Prosperity Index today (February 5th), indicating that the logistics business continues to expand. The January China Logistics Industry Prosperity Index was 51.2%, with the total business volume index, new orders index, logistics service price index, fixed asset investment completion index, employment index, and business activity expectation index all above 50%, indicating expansion.Alphabet (GOOG.O) has turned negative again, currently down 2%.

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

Alina Haynes

Aug 02, 2022 15:03

 截屏2022-08-02 下午2.58.26.png

 

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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