• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The main polysilicon futures contract fell more than 2.00% intraday, currently trading at 35,955 yuan/ton. The main platinum futures contract fell more than 2.00% intraday, currently trading at 382.05 yuan/gram.October 23 - Japanese government bond yields fell across the board on Friday. Concerns about artificial intelligence triggered a stock market sell-off, boosting demand for safe-haven assets, while rising US Treasury prices also contributed to the strength of the Japanese bond market. The yield on the benchmark 10-year Japanese government bond fell as much as 9 basis points to 2.79%, while the yield on the 20-year bond fell 5.5 basis points. Zhengyan Lu, senior fixed income strategist at State Street Investment Management in Tokyo, said, "The bond market has finally shown the characteristics that bonds should have. When risky assets fluctuate, holding longer-term bonds can provide a diversification effect, and investors can now finally reap the benefits of holding while waiting." Despite data showing that Japans key inflation indicator rose above the Bank of Japans 2% target level for the first time this year, further supporting the markets widespread expectation of a December rate hike by the Bank of Japan, the Japanese bond market still rose on Friday. Lu Zhengyan stated that the importance of inflation data has temporarily decreased as the markets attention shifts to economic growth risks and concerns related to artificial intelligence.October 23 - A survey showed that Japans manufacturing sector expanded at its slowest pace in seven months in October, affected by slower growth in output and new orders. Japans preliminary S&P Global PMI for October fell to 53.3 from 54.1 in September. New orders for goods producers slowed to their lowest level since March, and overall new exports from Japans private sector also slowed to their lowest level in four months. The survey showed that manufacturers output growth slowed to its lowest level since March, and new orders for goods producers also slowed to their lowest level since March. Manufacturing employment grew modestly in October. Manufacturers also increased purchasing activity, leading to the largest increase in purchasing inventories in nearly four years. Service sector activity rose slightly in October. The preliminary S&P Global Japan Services PMI Business Activity Index rose to 52.0 from 51.3, with the survey showing that business activity in the services sector expanded and sales growth accelerated. Osama Bhatti, an economist at S&P Global Market Intelligence, said, "The preliminary October PMI showed that overall business activity in Japan was flat compared to the previous month and remains below the year-to-date average."The yield on Japans 5-year government bonds fell 8.0 basis points to 2.210%.South Korean stocks narrowed their losses to 2%, with SK Hynix nearly erasing its losses and Samsung Electronics currently down 2.7%.

Gold price forecast: US NFP, clear break above $1,717

Daniel Rogers

Sep 02, 2022 14:42

截屏2022-08-31 下午2.37.05_1024x576.png 

 

Gold price (XAU/USD) approaches $1,700 in Friday's Asian session, indicating a corrective pullback from the yearly low. Traders anticipate August's US Nonfarm Payrolls (NFP) and Unemployment Rate to determine gold's recovery.

 

XAU/USD pares recent losses at $1,698 and bounces off the lowest levels since July 21. Recent gains look to be pre-NFP market consolidation.

 

Hawkish Fedspeak and higher US data have weighed on XAU/USD values recently.

 

US ISM Manufacturing PMI for August was 52.8, compared to 52.0 expected. S&P Manufacturing PMI for August rose from 51.3 to 51.5, compared to 52.2 in July. US Initial Jobless Claims decreased to 232K from 248K and 237K. Unit Labor Cost grew 10.2% QoQ in Q2 versus 10.7% expected, while Labor Productivity fell 4.1% versus 4.5% expected and -4.6% before.

 

A covid-led lockdown in Chengdu, China, and a dismal Caixin Manufacturing PMI provide a bleak picture for the world's second-largest economy. Escalating geopolitical tension between Beijing and Washington via Taiwan might be similar.

 

Atlanta Fed President Raphael Bostic said inflation is 'far' from 2%. New Dallas Fed President Lory Logan said, "Restoring price stability is No. 1"

 

Wall Street closed neutral, but 10-year Treasury rates hit a high since late June. The 02-year rose to the 15-year top. CME's FedWatch Tool indicates 72% possibility of a rate hike in September, up from 69% earlier.

 

US Treasury rates and the US Dollar Index (DXY) fell from multi-year highs by press time.

 

US Nonfarm Payrolls (NFP) and Unemployment Rate for August are significant for gold dealers.