Goldman Sachs increased its 2024 China growth target to 4.9%.
This new estimate is slightly below the Chinese government’s target of around 5%.
The revision follows recent economic stimulus measures announced by Chinese authorities.
Policymakers are focusing more on improving economic conditions.
Global chip stocks fell on Wednesday following ASML's disappointing sales forecasts. ASML shares dropped 5% in early European trading, adding to a 16% decline the previous day. ASML lost approximately 49.2 billion euros ($53.6 billion) in market capitalization in just one day.
Gold prices rose sharply for the second consecutive session on Wednesday. Escalating tensions in regions like Korea and the Middle East have increased gold's appeal as a safe haven. South Korea and the U.S. are monitoring North Korea's violations of UN sanctions, with recent border
XAU/USD is trading at $2,659.07. Weak performance in global stocks is boosting demand for gold. Federal Reserve officials are maintaining a neutral tone ahead of the November meeting. There is potential for XAU/USD to extend gains, with bulls targeting new record highs.
Gold is nearing its all-time high of $2,685. A decline in manufacturing activity in New York spurred recent buying interest. A price break above $2,685 would signal a new record high and continue the bullish trend. Market jitters from weaker U.S. manufacturing data led to a drop