EUR/USD 1.15987
-0.078%
Gold 4581.86
-0.741%
Oil 59.259
0.228%
USD/JPY 158.072
-0.341%
GBP/USD 1.33795
-0.019%
GBP/JPY 211.500
-0.349%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
January 17th - At todays National Customs Work Conference, it was learned that during the 14th Five-Year Plan period, customs will supervise an average of 5.2 billion tons of import and export goods annually, with a value of 42.3 trillion yuan, the largest volume globally, and overall security will remain under control. Nineteen new comprehensive bonded zones will be established, and 41 new or expanded ports of entry will be added, accelerating the pace of opening up and cooperation. Cross-border trade operations will be fully processed online, significantly improving customs clearance facilitation.On January 17th, the Ministry of Industry and Information Technology (MIIT) revised and released the latest "Management Measures for the Tiered Cultivation of High-Quality SMEs," improving the recognition standards and management service mechanisms to better leverage the demonstrative and leading role of high-quality SMEs in strengthening the industrial chain. The "Measures" expand the cultivation base, for the first time including technology-based SMEs in the tiered cultivation scope. Future high-quality SMEs will include technology and innovation-oriented SMEs, specialized and innovative SMEs, and specialized and innovative "little giant" enterprises. Furthermore, the "Measures" make further requirements in dynamic management and cultivation services to ensure the quality of cultivated enterprises. At the same time, the recognition standards for specialized and innovative SMEs and specialized and innovative "little giant" enterprises have been improved.January 17th - Starting February 1st, the "quiet carriage" service will be expanded to "D" and "G" series distributed power EMU trains, excluding sleeper trains. At that time, the number of trains providing "quiet carriage" service nationwide will increase to over 8,000.January 17 - Mazloum Abdi, leader of the Syrian Democratic Forces (SDF), said on the 16th that the armed forces would withdraw from the "contact zone" with Syrian transitional government forces in eastern Aleppo province in northern Syria. The Syrian transitional governments Ministry of Defense welcomed this move.On January 17th, Marex analyst Edward Meir stated, "After several weeks of strong gains, commodities as a whole have retreated due to some profit-taking. Easing tensions in the Middle East have also caused gold and other metals, especially silver, to lose some of their geopolitical premium." With the Iranian protests subsiding, US President Trump adopting a wait-and-see approach, and Russian President Putin intervening, geopolitical tensions appear to have eased. Meir said, "I still believe that gold prices have a chance to reach $5,000 at some point this year, but this will be accompanied by significant pullbacks."

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