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On July 10th, Bernstein raised its 2026 gold price forecast, projecting a second-half price target of $4,375 per ounce and a full-year target of $4,533. The firm believes that continued central bank gold purchases and the high probability that the Federal Reserve will not raise interest rates in the next 12 months will be the main factors supporting gold prices. Bernstein expects the Fed to raise rates only one or two times at most, limiting outflows from gold ETFs. Bernstein noted that rising real interest rates in the second quarter of 2026 caused gold prices to fall from $4,650 per ounce to around $4,000, but with stabilizing interest rate expectations, gold still has room to rise. The firm also warned that if inflation continues to exceed expectations, prompting the Fed to take more aggressive interest rate hikes, this will be the main risk to rising gold prices.According to NewsNation: US officials say technical negotiations with Iran are ongoing and the US remains committed to finding a solution. Iran must never possess nuclear weapons.The U.S. House of Representatives will vote next week on a bill to permanently implement daylight saving time.Democratic Republic of Congo: The number of confirmed Ebola cases has risen to 1,792, with 625 deaths.July 10 – According to Sputnik News Agency, Russian Foreign Minister Sergey Lavrov stated at a press conference that Russia no longer believes the West is willing to negotiate on the Ukraine issue. Lavrov said, “We no longer believe the West is willing to resolve the issue through negotiations. Our previous goodwill and hope have been completely exhausted.” Lavrov added, “We have outlined our assessment of the current situation in Ukraine, including the actions of the West. While pretending to be prepared for negotiations, as the European side has already announced, the West has turned around and publicly issued an ultimatum to Russia.”

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

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