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February 2nd - U.S. natural gas futures prices plummeted, erasing Fridays gains, as recent weather forecasts indicated milder temperatures. In early Asian trading, the near-month contract fell as much as 17% to $3.620 per million British thermal units (MMBtu). This followed an 11% gain on Friday due to record-breaking cold weather. While the southern United States is experiencing severe cold snaps and prompting energy conservation measures, temperatures are expected to rise by mid-February. The National Oceanic and Atmospheric Administration (NOAA) forecasts that temperatures across most of the country will be above average for this time of year. This could reduce demand for natural gas used for heating and power generation.Commodity-related LOFs weakened across the board, with multiple funds such as Commodity LOF, Guotou Resources LOF, Resources LOF, and Southern Crude Oil LOF hitting their daily limit down. Guotai Commodity LOF fell by more than 8%, Harvest Crude Oil LOF and Huabao Oil & Gas LOF both fell by more than 7%, and E Fund Crude Oil LOF fell by more than 5%.February 2nd - Beijings secondary housing market had a stable start to 2026. In January, Beijings secondary housing transaction volume reached 15,082 units, maintaining a level above 14,000 units for three consecutive months, consolidating the markets stabilization trend. Market performance shows that the release of demand for school enrollment has shifted buyer sentiment in some areas, with previously hesitant buyers accelerating their entry into the market. In these areas, monthly transaction volume has remained between 60 and 70 units for three consecutive months. Meanwhile, in areas where transactions are mainly driven by first-time homebuyers, the supply of high-value first-time homebuyers has decreased, leading to a rebound in transactions of upgrade homes. Guo Yi, chief analyst at Heshuo Institution, stated that from the demand side, market transactions have remained stable at around 15,000 units for three consecutive months. In January 2026, transactions in first-tier cities even exceeded 4,000 units for three consecutive weeks, indicating that the transaction volume is expected to remain high during the "mini-boom" in the housing market, and the market will stabilize.Euro Stoxx 50 futures and DAX futures fell 0.6%, while FTSE futures fell 0.2%.Hong Kong stocks opened lower, with the Hang Seng Index down 1.06% and the Hang Seng Tech Index down 1.29%. Gold stocks led the decline, with China Gold International (02099.HK) falling more than 12%. New energy vehicle stocks also weakened, with XPeng Motors (09868.HK) falling more than 5%.

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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