EUR/USD 1.18674
-0.024%
Gold 5027.66
2.153%
Oil 62.402
-0.550%
USD/JPY 152.750
0.011%
GBP/USD 1.36476
0.189%
GBP/JPY 208.472
0.210%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
February 14th - Gold and silver futures are poised for gains this week. The near-month gold contract rose 1.4% this week, marking its eighth consecutive week of gains in the past ten weeks. The near-month silver contract rose 1.5% this week, ending a two-week losing streak and marking its eleventh consecutive week of gains in the past 15 weeks. Antonio Di Giacomo of XS.com stated in a report that despite volatility in the precious metals market, demand for safe-haven assets remains, supporting the rise in gold and silver prices.Amazon-backed nuclear energy company X-Energy Reactor Co. has received approval from U.S. regulators for its nuclear reactor fuel.Lawyers say a Pennsylvania jury found Johnson & Johnson (JNJ.N) liable for a woman’s diagnosis of ovarian cancer.On February 14th, Polish Deputy Prime Minister and Foreign Minister Sikorski stated in an interview in Munich, Germany, on February 13th that Europe, not the United States, is paying the price for the Russia-Ukraine conflict, therefore "we have the right to comment on the relevant agreements." Sikorski stated that the United States is no longer paying for supplies provided to Ukraine, and Europeans are bearing the costs. Despite Europes financial and military support for Ukraine, the United States is profiting from the war by selling weapons to Ukraine through European countries. Sikorski emphasized that the US presence in Europe will continue, but will be more limited and strategic. He stated, "We Europeans must deploy ground troops," and Germany has amended its constitution to achieve this goal; other countries must also take action to fulfill the commitments made at subsequent NATO summits.US President Trump: Hopes to reach an agreement with Iran.

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