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On July 2nd, strategists at State Street Investment Management stated in a report that gold prices could reach $5,000 per ounce by early 2027, as the bull market cycle for gold remains sustainable. They believe that golds status as a currency hedge is likely to be supported by rising US government debt, while actual demand for gold remains strong. Global gold fund holdings (a portion of global mutual fund and exchange-traded fund assets) are currently still below State Streets target level of 3% to 10% for most portfolios. Furthermore, they added that the Federal Reserves hawkish shift should not change the structural trend of gold in the post-pandemic era. State Street expects the price of basic gold bars to rise to $4,750 to $5,500 per ounce within the next six to nine months.Russian Defense Ministry: Russia shot down 327 Ukrainian drones overnight.The Swiss National Bank: The Federal Councils proposal addresses these risks in a targeted manner, primarily impacting UBS Group.Local officials said the number of injured in the Russian attack on Kyiv, Ukraine, has risen to 56, including two children.July 2nd - According to the New York Times, citing two aides to the Iraqi prime minister, the United States has resumed airlifting US dollar cash to Iraq. This followed a suspension of dollar airlifts to Iraq in several months, intended to pressure the Iraqi government to distance itself from Iran. In April, the Trump administration cut off dollar inflows to Iraqs cash-based economy, withholding revenue from oil sales.

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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