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Citigroup CFO: The independence of the Federal Reserve Chairman and the Federal Reserve is crucial.January 14th - According to foreign media citing a prominent Republican lawmaker, Powell may miss his scheduled next congressional hearing because the U.S. Department of Justice has subpoenaed the Federal Reserve, threatening criminal charges against Fed Chairman Jerome Powell. Under the 1978 amendments to the law establishing the Federal Reserve, the Fed chairman is required to testify before Congress twice a year, offering his views on monetary policy and the economic situation. Traditionally, the Fed chairman usually appears before both the Senate Banking Committee and the House Financial Services Committee. Representative French Hill, Chairman of the House Financial Services Committee, stated, "I expect Chairman Powell will not appear before the House and Senate hearings in February because the grand jury has accused him of perjury."January 14th - Russian oil production declined slightly last year. Monthly data released by OPEC on Wednesday showed that Russias daily crude oil production in 2025 fell by approximately 0.7% year-on-year to 9.129 million barrels. Despite ongoing Ukrainian drone attacks on Russian energy infrastructure and lower international oil prices, Russia maintained relatively stable crude oil production. Oil and gas together account for about a quarter of Russias federal budget tax revenue. Data shows that international oil prices are expected to fall by more than 18% cumulatively in 2025, the largest annual decline since 2020, mainly due to heightened concerns about oversupply. Specifically, Russian crude oil production in December decreased by 73,000 barrels per day month-on-month, falling to 9.304 million barrels per day.January 14 - Another drug scandal has recently surfaced at a U.S. military base in Japan, with a base employee arrested for allegedly smuggling drugs from the United States using the militarys postal system.January 14th - OPEC+ production in December was 780,000 barrels per day (bpd) less than planned, with Russia falling 270,000 bpd short of its target, while Kazakhstan exceeded its target by 80,000 bpd. In December, OPEC+ countries crude oil production was 783,000 bpd lower than planned, with actual production at 37.44 million bpd, compared to a planned production of 38.22 million bpd (which already includes compensatory adjustments for previous insufficient production cuts). According to the OPEC report, member countries crude oil production in December was 23.17 million bpd, 61,000 bpd lower than their quotas. Iraqs production was 34,000 bpd lower than its quota, with actual production at 4.12 million bpd.

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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