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On August 4th, Liu Sanjiang, a member of the Party Leadership Group and Deputy Director of the State Tobacco Monopoly Administration, led a delegation to Laos from July 31st to August 2nd. The delegation held special exchanges with the Lao Ministry of Public Security on combating cross-border crimes such as tobacco counterfeiting and smuggling, and deepening law enforcement cooperation. Both sides agreed to conduct more targeted joint operations against the illicit tobacco trade chain in the future, relying on bilateral cooperation and the Lancang-Mekong law enforcement and security cooperation framework; strengthen mutual learning of Chinas experience in protecting cigarette trademark intellectual property rights and law enforcement; and jointly maintain the normal order of the tobacco markets in both countries and protect the legitimate rights and interests of consumers. Liu Sanjiang stated that the focus was on the prominent issues of cross-border illicit trade in tobacco monopoly products. The Chinese side thanked Laos for its strong cooperation in the crackdown on cigarette counterfeiting and smuggling, and proposed to promote the establishment of an intelligence information exchange mechanism for tobacco-related cases, and to continuously strengthen cooperation in joint border investigations and the tracing and crackdown on illicit tobacco.U.S. Redbook retail sales annualized for the week ending August 1 were 8.7%, compared to 8.3% previously.August 4th - The U.S. trade deficit narrowed in June as imports declined for the first time since the beginning of the year, with the decline affecting multiple sectors. Data released by the U.S. Commerce Department on Tuesday showed that the U.S. trade deficit in goods and services fell 5.6% in June from the previous month to $73.3 billion. Imports fell 1.8%, while exports fell 0.9%. Trade data shows that net exports continued to drag down economic growth this quarter. U.S. trade data has fluctuated significantly in recent months due to factors such as constantly changing tariff policies, supply chain disruptions caused by the Middle East war, and large-scale corporate investment in artificial intelligence. Although the U.S. Supreme Court rejected many import tariffs imposed by the Trump administration in the first quarter, the government is still seeking other ways to impose tariffs on imported goods. From 2025 to the beginning of this year, imports of computers, peripherals, and related components increased significantly as companies actively invested in artificial intelligence. However, the latest trade report shows that imports of computers and semiconductors slowed in June. Imports of broader capital goods categories, including related equipment, also declined for the first time since September of last year.Federal Reserves Paulson: He hopes to weigh the pros and cons of the FOMC meeting six times a year versus eight times a year.Federal Reserves Paulson: The economy is strong, but inflation is too high.

Gold Price Prediction: XAU/USD recovers from $1,860 support amid Fed and China worries

Alina Haynes

Feb 06, 2023 15:17

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Gold price (XAU/USD) consolidates recent losses as it posts modest gains near $1,875 in early Monday trading, marking the first positive day in three sessions near the one-month low. In doing so, the precious metal applauds the U.S. dollar's struggle to maintain its strength and draws cues from US-China disputes in advance of this week's major events.

 

In spite of this, the US Dollar Index (DXY) remains stagnant at 103.00, despite a two-day recovery from the lowest levels since April 2022. In doing so, the dollar's measure against the six main currencies fails to justify the robust US employment report and geopolitical concerns regarding China.

 

U.S. Secretary of State Antony Blinked canceled his previously scheduled trip to Beijing in response to the weekend news reports claiming that an American military fighter jet shot down a suspected Chinese surveillance balloon off the coast of South Carolina. President of China Xi Jinping called this a "obvious overreaction" in response to the incident.

 

The same joins Friday's robust US employment report and ISM Services PMI data to test the XAU/USD bulls ahead of Fed Chair Jerome Powell's speech, scheduled for release on Tuesday.

 

S&P 500 Futures extend the previous day's fall from the greatest levels since August as of press time, trading 0.30% lower intraday near 4,140. In the same vein, US 10-year Treasury note rates have increased for three straight days, reaching 3.56 percent as of press time, marking the largest weekly increase since late September 2022.

 

It is worth mentioning that a lack of key data appears to have spurred the XAU/USD bounce from the short-term support, but Gold purchasers should stay cautious in light of the Fed's recent hawkishness and the US-China friction. The US UoM Consumer Sentiment Index for February and the University of Michigan's 5-year Consumer Inflation Predictions will also be crucial to monitor on Friday.


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