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Chinas foreign exchange reserves in January were $3,399.078 billion, below the expected $3,370 billion and the previous months $3,357.87 billion.The Peoples Bank of China reported that Chinas foreign exchange reserves stood at $3,399.078 billion at the end of January, an increase of $41.209 billion from the previous month.February 7th - US President Trump stated that the US and Iran had "very good talks" and that Iran is "very eager" to reach an agreement. Trump said aboard Air Force One, "We had very good talks, and Iran seems very eager to reach an agreement. We have to see what the agreement is. I think Iran looks very eager to reach an agreement. We have a large fleet, a large navy is heading in that direction, and it will be here soon. Well see how things develop."1. A Russian army lieutenant general survived an assassination attempt in Moscow. 2. The International Atomic Energy Agency: Ukraines power grid was attacked again, affecting nuclear power plant operations. 3. According to RIA Novosti: The Russian Ministry of Defense stated that its troops have captured the Popivka stronghold in eastern Ukraine. 4. The US Department of Defense: The US State Department approved the sale of $185 million worth of Class IX spare parts and related equipment to Ukraine. 5. The Ukrainian Defense Minister stated that Canada is transferring "advanced improved air defense missiles" to strengthen Ukraines air defense capabilities. 6. Russian Foreign Minister Lavrov: With the expiration of the new Strategic Arms Reduction Treaty, Russia is prepared for any eventuality. 7. The EU proposed a new round of sanctions against Russia, completely banning Russian oil and maritime services, and imposing an import ban on Russian metals, chemicals, and minerals. 8. Kremlin spokesman Peskov: A new round of negotiations on the Ukraine issue is about to be held, but there is no definite date yet. There are currently no plans to hold the next round of negotiations in the United States, nor has it been discussed.February 7th - On February 7th, the sixth day of the Spring Festival travel rush, Xinmin Evening News reporters learned from China Railway Shanghai Bureau Group Co., Ltd. that the Yangtze River Delta Railway transported 2.721 million passengers on February 6th; February 7th marks the first weekend peak of passenger flow since the start of the Spring Festival travel rush, with an estimated 3.03 million passengers transported.

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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