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UN Secretary-General António Guterres, through his spokesperson, issued a statement welcoming the US announcement of an extension of the ceasefire, considering it an important step toward de-escalation and creating crucial space for diplomatic engagement and trust-building between Iran and the United States.1. All three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 0.59% to 49,149.38 points, the S&P 500 fell 0.63% to 7,064.01 points, and the Nasdaq Composite fell 0.59% to 24,259.96 points. Merck fell nearly 4%, and Honeywell International fell more than 3%, leading the decline in the Dow. The Wind U.S. Tech Big Seven Index fell 0.82%, Apple fell more than 2%, and Tesla fell more than 1%. 2. All three major European stock indexes closed lower. The German DAX fell 0.6% to 24,270.87 points, the French CAC40 fell 1.14% to 8,235.72 points, and the UK FTSE 100 fell 1.05% to 10,498.09 points. 3. The U.S. crude oil futures contract rose 3.2% to $90.22 per barrel; the Brent crude oil futures contract rose 3.75% to $99.06 per barrel. 4. International precious metal futures generally closed lower, with COMEX gold futures down 1.87% to $4,738.50 per ounce and COMEX silver futures down 4.21% to $76.67 per ounce.According to the New York Times, SpaceX has agreed to acquire Cursor for more than $50 billion.SpaceX: Cursor has also granted SpaceX the right to acquire Cursor for $60 billion later this year, or to pay $10 billion for the partnership.U.S. stock index futures opened higher on Wednesday, with Nasdaq futures up 0.4%; spot gold and silver also rose, with gold up 0.1% and silver up 0.5%.

Gold price prediction: XAU/USD slips to $1,690 on Fed forecasts; US retail sales expected

Daniel Rogers

Sep 15, 2022 11:37

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Gold price (XAU/USD) has adopted a downward trend after falling below Wednesday's minimum of $1,693.67. The precious metal is falling nearing $1,690.00 as bears take control of rising probabilities for a massive Federal Reserve (Fed) rate hike in the near future.

 

Earlier symptoms of weariness have dissipated as a result of Tuesday's higher-than-anticipated US Consumer Price Index (CPI) report. Despite declining gasoline costs, the headline US CPI was announced at 8.3%, which was higher than the 8.2% prediction. The investment community believed that inflation had begun to respond to the Federal Reserve's (Fed) raising interest rates and that a succession of declining price pressures would soon enable the Fed to adopt a 'neutral' stance.

 

However, a US inflation report that exceeded forecasts demonstrates that the road to a neutral monetary policy is far from complete. Moreover, predictions of a one percent rate increase are currently ascendant.

 

In today's session, the US Retail Sales report will be of paramount importance. The economic data estimates do not indicate any improvement in retail demand. This could be the outcome of a fall in consumer confidence in the economy.

 

The gold price has experienced a precipitous decline after demonstrating a textbook-style test and the collapse of a consolidation pattern. On an hourly scale, the consolidation formed within the region of $1,697.12-1,709.62. At $1,698.70, the yellow metal is trading below the 20-period Exponential Moving Average (EMA), which increases the downside filters.

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