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On January 14th, it was learned from Alibaba Cloud that Liu Weiguang, Senior Vice President of Alibaba Cloud Intelligence Group and President of the Public Cloud Business Unit, stated, "Alibaba Clouds goal is to capture 80% of the incremental growth in Chinas AI cloud market by 2026." Liu Weiguang added, "However, even 10% of the incremental growth next year will be greater than the total growth of the previous year, so past achievements are not important; the changes have only just begun."January 14th - According to a Financial Times report on Wednesday, Coca-Cola has abandoned its plans to sell its Costa coffee chain after private equity firms offered less than expected. The report, citing two sources familiar with the matter, stated that the US beverage giant terminated negotiations with remaining bidders in December, putting the months-long bidding process on hold.January 14th - Gold and silver continued to hit record highs during Asian trading hours due to escalating geopolitical risks. President Trumps statement on Tuesday that aid was imminent to Iranian protesters foreshadowed potential US action against the regime. Two foreign exchange strategists from OCBC Group Research noted in a report that the dramatic developments in Iran highlight the continued geopolitical uncertainty, while the fundamental support for precious metals remains solid.Hong Kong-listed insurance stocks extended their losses in the afternoon, with China Taiping (00966.HK) and Ping An Insurance (02318.HK) falling by more than 3%, while New China Life Insurance (01336.HK) and China Life Insurance (02628.HK) followed suit.HRANA, a US-based human rights organization, reports that the confirmed death toll from the protests in Iran has risen to 2,571.

Gold Price Prediction: XAU/USD to Approach $1,880 as US Inflation Steals the Show

Daniel Rogers

Jan 12, 2023 11:59

 截屏2023-01-11 下午4.19.41_1024x576.png

 

During the Asian session, the gold price (XAU/USD) aims to extend its rebound to near the important barrier of $1,880.00. Prior to the announcement of U.S. inflation statistics, the precious metal fell to a low of approximately $1,867.50 during its rangebound behavior. However, in the late New York session, the precious metal rebounded significantly.

 

In Asia, S&P500 futures are doing poorly; yet, the total risk profile is notably positive. On a broader scale, the alpha created by 10-year US Treasury bonds has abandoned its recovery rise amid optimism and has declined to approximately 3.55%. In the meantime, the US Dollar Index (DXY) has fallen to roughly 102.75 as the market anticipates a further deceleration in the Consumer Price Index (CPI).

 

According to NBF analysts, headline prices will decrease 0.1% month-over-month and the year-over-year rate will decline from 7.1% to 6.9%. This rise should have been more than offset by decreasing gasoline prices. The Core index may have continued to be supported by growing rent costs and increased 0.3% month-over-month. This would result in a two-point drop in the 12-month rate to 5.8 percent."

 

None of the drivers, ranging from a risk-on sentiment to an economic slowdown and a lower consensus for the United States Consumer Price Index (CPI), are exhibiting indications of recovery in the US Dollar Index after the carnage. The Federal Reserve (Fed) could be compelled to modify its monetary policy forecasts for CY2023 and beyond if US inflation figures decrease.


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