In the Asian session on Tuesday, the DOLLAR index was at around 93.15. Spot gold has fallen slightly on the strength of the dollar and is now trading at around $1,926 an ounce. Analysts say geopolitical tensions remain high, which could limit gold’s downside. Chinese and Indian troops opened fire during a standoff near the Line of Actual Control on September 7, the first time in 45 years that gunfire has been heard on the border between the two countries. On china-us relations, US President Donald Trump once again raised the idea of “decoupling” between the two economies in his speech. In addition, Australia’s media has recalled journalists from China in an emergency, which could add to the uncertainty in Sino-Australian relations.
With gold trading below $1,934.86 an ounce, investors need to be wary of upcoming deals, according to an article on Economies.com. Gold closed below $1,934.86 an ounce on Monday, setting the stage for further declines and testing a primary target of $1,901.80 an ounce.
Economies.com added that gold needed to rally back above $1,934.86 an ounce to make the bullish case valid again and move towards its first bullish target of $1967.90, with a higher target of $2,88.80.
The mood among Wall Street analysts has changed, according to Kitco News’ Golden Weekly survey, released Friday. After rising bullish sentiment the previous week, Wall Street analysts were bearish last week.
But while short-term sentiment in the gold market has shifted, many analysts see the fall as a buying opportunity.
Last week, 15 Wall Street professionals took part in Kitco’s latest survey. Four analysts (27 per cent) expect gold prices to rise; Nine analysts (40%) said they expect gold prices to fall, while five (33%) are neutral on gold.
“I hope the gold price keeps going down so I can buy more gold,” said Bill Baruch, President of Blue Line Futures.
Bart Melek, head of commodity strategy at TD Securities in New York, said that while the dollar has room to rise, strong fundamentals will continue to support gold. He added that he expected gold to continue to hold support at $1,920.
George Gero, managing director of Wealth Management at Royal Bank of Canada, said he remains bullish on gold in the near term as increased market uncertainty could push prices higher in line with the dollar.
Commerzbank’s head of commodities research Eugen Weinberg said he had been neutral on gold recently. He added that while the dollar is a near-term threat, it won’t be enough to break through current support levels for gold.
“There’s a lot to digest in this market,” Weinberg said. Without affecting the overall long-term trend, this consolidation period is likely to last much longer. Right now, I really don’t see anything that would push gold above $2,000. But I don’t see anything that would cause it to really go below $1,900.”
The first shots were fired at the China-India border in 45 years
Indian government sources confirmed on Monday (September 7) that Chinese and Indian troops opened fire during a confrontation near the Line of Actual Control (LAC) on September 7, the first time in decades that gunfire has been fired along the border between the two countries. It is not clear if there were any casualties among Indian troops or the People’s Liberation Army (PLA) and the situation is under control for the time being.
Tensions between China and India have flared again near their disputed border, the Hindustan Times said on September 8, as soldiers from both countries stepped up patrols and clashed.
An Indian military source said there were “warning shots” and limited exchanges between the two sides after Chinese soldiers opened fire on Indian positions. This contradicts previous statements by the Chinese side.
According to a new report by India’s Asia News Agency (ANI) on September 8, the Chinese People’s Liberation Army (PLA) and the Indian Army have opened fire in the border area of eastern Ladakh, which may be the first time in the 45-year ceasefire agreement between China and India.
Reports indicate that Chinese and Indian troops have been engaged in a three-month stand-off in the Ladakh border area, and sources point out that the two sides opened fire on September 7.
The Hindustan Times reported that the PLA made an unspecified “counteraction” after claiming that Indian troops had crossed the border and fired “warning bullets” at them from the southern shore of Pangong Tso. It was not immediately clear whether there had been any casualties between the two armies in the conflict.
China and India signed an agreement in 1975 that neither side was allowed to use arms, so for more than 40 years neither country has fired a single shot at the other.
The Hindustan Times newspaper said the firing would be the first between the two countries in 45 years.
The Hindu newspaper said The shooting on September 7 was The first border incident since 1975.
On September 7, The Indian troops illegally crossed the line into the Shenbao Mountain area on the south bank of Bangong Lake in the western section of the China-India border, according to a news report on The China Military Website on September 8, senior Colonel Zhang Shuihui, spokesman of the Western Theater Command of the Chinese People’s Liberation Army (PLA), made a statement on Indian troops illegally crossing the line again.
Senior Colonel Zhang Shuiyuan said that during the operation, the Indian army blatantly shot at the patrol officers of the Chinese border troops who had made representations before, and the Chinese border troops were forced to take measures to stabilize the situation on the ground. The Act by the Indian side seriously violates relevant agreements and agreements between China and India, aggravates regional tensions, and is highly likely to cause misunderstanding and miscalculation. It is a serious military provocation of a very bad nature.
“We demand that the Indian side immediately stop its dangerous actions, immediately withdraw its personnel from crossing the border, strictly restrain the front-line troops, seriously investigate and punish those who fired the gun as a provocation and ensure that similar incidents do not happen again,” said Senior Colonel Zhang. The troops in the theater will resolutely perform their duties and missions and resolutely safeguard China’s territorial sovereignty.”
In response to media reports that five Indian men have gone missing, Chinese Foreign Ministry spokesman Zhao Lijian said On Monday, “We never recognize the so-called ‘human rights’ that are illegally established on Chinese territory and we do not know the specific circumstances of the relevant cases.”
The situation between China and India has been heating up again recently. The Indian side previously said that it would carefully evaluate the situation of the two defense ministers’ meeting and focus on whether the Chinese military is willing to completely disengage at the confrontation site after the meeting. The Chinese statement is a sign of heightened tensions between the two countries and rising risks of military action.
The Chinese and Indian defence ministers met in Moscow on Friday but failed to make any positive progress, and will meet in Moscow on Thursday (September 10) when they attend a meeting of foreign ministers of the Shanghai Cooperation Organisation (SCO).
The Indian army and the People’s Liberation Army of China held another round of talks on Sunday on the separation of the Line of Actual Control (LAC) in eastern Ladakh, India Today reported On Monday. The meeting between officers at the brigade commander level took place near Chushul and lasted nearly four hours. However, the meeting produced no substantive results.
The Press Trust of India (PTI) quoted sources as saying the Indian army was on high alert and the overall situation was “very delicate”.
The two militaries have been locked in a stalemate since May. The two armies reportedly confronted each other on August 29 and 30, when India foiled China’s attempt to seize the southern bank of Lake Banguong. China has since increased troop deployments. In response, India has further strengthened its capabilities in the region.
The two sides held extensive talks last Monday, Tuesday and Wednesday, with reports saying each meeting lasted more than six hours but yielded no concrete results.
India’s defence minister, Rajenath Singh, discussed the impasse with his Chinese counterpart, Wei Fenghe, in Moscow on Friday. The two ministers were in Russia for a meeting of the Shanghai Cooperation Organization (SCO).
In an interaction with Mr Wei, Mr Singh reportedly said China’s “aggressive actions” and repeated attempts to change the status quo in Ladakh were a clear violation of existing bilateral agreements, India Today said. Mr Singh is believed to have said That India would not “cede an inch of land” and was determined to protect its sovereignty “at all costs”.
Sources said the Indian delegation strongly opposed new attempts by Chinese troops to change the status quo on the southern bank of Lake Bangong in eastern Ladakh and insisted on a negotiated solution to the impasse, Hindustan Times previously reported. India wants to restore the status quo at all points of friction in eastern Ladakh.
New Delhi: The Indian military has accused the Chinese military of carrying out “provocative military activities” on the south bank of Bangong Lake from the night of August 29 to the early morning of August 30. On the evening of 29 and 30 August 2020, the People’s Liberation Army (PLA) took provocative military actions to change the status quo in violation of the consensus reached through military and diplomatic contacts during the previous standoff in eastern Ladakh, the Indian military said in a statement on 31 August.
Responding to the Indian allegations, Chinese Foreign Ministry spokesman Zhao Lijian said at a regular press conference on August 31 that Chinese border troops have always strictly observed the Line of Actual Control and have never crossed the line. The border troops of the two countries have been in communication on local issues.
For India, the official said in a statement on the china-india boundary “pre-emptive” measures, China’s foreign ministry spokesman HuaChunYing said at a regular press conference on September 2, India, the statement “without being pressed” fully proves that this incident was illegal troops cross the line provocation to unilaterally change the border region, in violation of the agreement and the settlement agreement between the first important consensus.
Hua Chun Ying pointed out that at present, China and India are maintaining communication through military and diplomatic channels. China urges the Indian side to strictly restrain its front-line forces, immediately stop all provocative actions, immediately withdraw all personnel illegally crossing the line, and immediately stop any actions that may cause tension and complicate the situation.
The Australian media has recalled its journalists from China
ABC reported Tuesday that two Australian media companies immediately recalled two journalists based in China after Chinese police asked them to be interviewed.
The ABC reporter in Beijing and the Australian Financial Review reporter in Shanghai boarded a flight to Sydney on Monday night after being separately questioned by China’s Ministry of State Security, the report said.
The journalists took refuge at the Australian Embassy in Beijing and consulate in Shanghai, where diplomats negotiated with Chinese officials to allow them to leave The country safely. The journalists arrived in Sydney on Tuesday morning.
According to deutsche Welle on September 8, two Australian journalists were warned by the Australian Embassy in Beijing to leave China immediately last week, but on the eve of their departure, the two were met by Chinese police, who told them they could not leave China because they were being interviewed over the national security case.
According to Deutsche Welle, the two men temporarily took refuge in the Australian embassy and consulate in China and were accompanied by Australian diplomats and questioned by Chinese officials before leaving the country on Monday night.
ABC News Center Director Gaven Morris said in a statement about the withdrawal of the correspondent that the Station is an important part of ABC’s international news coverage and is committed to returning to China.
“The news that happens in China, china-Australia relations and China’s role in the Asia-Pacific region and the world are of great importance to all Australians, and we hope to continue to have our reporters on the ground,” the statement said.
Australia’s foreign minister, Marise Payne, also issued a statement on the matter, saying her government had provided consular assistance to the two Australian journalists in China to help them return home.