EUR/USD 1.16749
-0.322%
Gold 4435.88
2.923%
Oil 57.107
1.112%
USD/JPY 156.967
-0.018%
GBP/USD 1.34332
-0.505%
GBP/JPY 210.861
0.059%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On January 5th, Sanxia New Materials announced that it plans to acquire a 40% stake in Sanxia New Materials Lingang New Materials (Yichang) Co., Ltd. from Yichang State-owned Capital Investment Holding Group Co., Ltd., for a transaction amount of RMB 0. This transaction constitutes a related-party transaction but does not constitute a major asset restructuring. The company has held a special meeting of independent directors and the board of directors to review and approve the transaction, which does not need to be submitted to the shareholders meeting for review. In the past 12 months, the company has not conducted any related-party transactions with the same related party, and the cumulative transaction amount with different related parties is RMB 156,000.The Bank of Englands consumer credit figures for November were £2.077 billion, below the expected £1.1 billion and the previous figure revised from £1.119 billion to £1.713 billion.The Bank of Englands mortgage lending in November was £4.49 billion, below the expected £4.5 billion and the previous figure revised from £4.273 billion to £4.156 billion.The Bank of England approved 64,530 mortgage loans in November, below the expected 64,400 and the previous figure revised from 65,018 to 65,010.Sunny Optical Technology (02382.HK): In order to promote the rapid development of the Company’s automotive-related optical business, the Company is considering spinning off its spin-off business and listing it independently on the Main Board of the Hong Kong Stock Exchange.

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.


Suggestion