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On April 28, the Political Bureau of the CPC Central Committee held a meeting to analyze and study the current economic situation and economic work. The meeting pointed out that it is necessary to adhere to the general principle of seeking progress while maintaining stability, fully and accurately implement the new development philosophy, accelerate the construction of a new development pattern, better coordinate domestic and international affairs, coordinate development and security, unswervingly deepen reform and opening up, promote self-reliance in science and technology and independent control of the industrial chain, implement a more proactive fiscal policy and a moderately loose monetary policy in a precise and effective manner, continuously expand domestic demand and optimize supply, optimize incremental growth and revitalize existing assets, focus on stabilizing employment, enterprises, markets, and expectations, enhance the endogenous driving force of economic development, further strengthen the domestic cycle, optimize the domestic and international dual circulation, and strive to achieve a good start to the 15th Five-Year Plan.On April 28, Sun Lei, China’s Deputy Permanent Representative to the United Nations, delivered a response at the Security Council’s high-level open debate on maritime security on the 27th, sternly refuting the Japanese representative’s unwarranted comments on the situation in the East China Sea and the South China Sea.Hong Kong stocks two major model stocks plunged in the afternoon, with Zhipu (02513.HK) falling more than 10% and MINIMAX-W (00100.HK) falling more than 3%.Kazakhstans Ministry of Energy announced that it will reroute oil exports from the Friendship Pipeline in May, with 100,000 tons going to Ust-Luga and 160,000 tons going to the Caspian Pipeline Union (CPC).According to The Information, the agreement between Google and the U.S. Department of Defense allows the Department of Defense to use Googles artificial intelligence for "any legitimate government purpose".

Gold Falls As The U.S. Federal Reserve And CPI Week Start

Haiden Holmes

Dec 12, 2022 10:19

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Gold prices slipped slightly below key levels on Monday, as caution set in ahead of vital U.S. inflation data and a Federal Reserve meeting this week, while COVID-19 cases in China pushed copper prices lower.


According to data released last week, U.S. producer price inflation fell further in November, albeit at a slower rate than anticipated. Consequently, bullion prices increased, but to a lower level than predicted. Tuesday's report of the consumer price index may reveal a similar pattern, based on this outcome.


This year, growing U.S. inflation spurred the Federal Reserve to conduct a series of quick interest rate hikes, which had a considerable negative impact on metal markets by raising the opportunity cost of holding non-yielding assets.


On Wednesday, the central bank is anticipated to conclude a two-day meeting during which it will raise interest rates by an extremely tiny 50 basis points. However, the direction of U.S. inflation will have a significant impact on the extent of future rate hikes.


As of 19:30 EST, spot gold fell 0.2% to $1,793.72 per ounce, while gold futures fell 0.3% to $1,804.95 per ounce (00:30 GMT). Traders remained cautious ahead of this week's crucial data releases, keeping the yellow metal's price mostly flat last week.


Platinum prices decreased 1.7% on Monday, while silver futures decreased 0.5%.


The markets are wary of any indications that U.S. inflation stayed higher than anticipated in November, since this might lead to further rate hikes by the Federal Reserve. The central bank has warned that if inflation proves to be persistent, U.S. interest rates may peak at higher-than-anticipated levels.


The dollar rose moderately on Monday in anticipation of U.S. economic data, with further support from PPI inflation data that above market forecasts.


Following two consecutive weeks of gains, copper prices decreased on Monday as COVID-related uncertainty in China grew.


Copper futures fell 0.4% to $3.8412 a pound.


China loosened a number of statewide anti-COVID regulations last week, a move that is anticipated to gradually stimulate the world's second-largest economy.


Scientists have cautioned, however, that the loosening of COVID limitations is likely to result in a rise in infections in the near future, which might delay the total removal of restrictions.


This has raised doubts about the timing of an economic recovery in the world's largest copper importer.


The outlook for copper, which normally flourishes in high-growth environments, has also been impacted by deteriorating economic data from a number of key nations.

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