EUR/USD 1.16082
-0.147%
Gold 4388.06
-1.529%
Oil 89.923
1.769%
USD/JPY 159.422
-0.057%
GBP/USD 1.33980
-0.217%
GBP/JPY 213.600
-0.267%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The Ukrainian Presidential Office announced that Sweden will purchase up to 20 Griffin E/F fighter jets for Kyiv for €2.5 billion.Irans Islamic Revolutionary Guard Corps: Iran still controls and manages the Strait of Hormuz, and any interference will be met with a "decisive response."Xiaomi Group (01810.HK) repurchased 10.5 million B shares on May 28, spending nearly HK$300 million.According to Iranian state television, on the morning before the US attack on Bandar Abbas, Iran intercepted two ships passing through the Strait of Hormuz and forced two other ships to turn back.On May 28, Futures Exchange issued a notice revising the "Detailed Rules for Lithium Carbonate Futures and Options Business of Guangzhou Futures Exchange" to strengthen risk control and ensure the smooth and orderly operation of the market. The notice adjusts the position limits for general months of lithium carbonate futures contracts: Starting with the lithium carbonate futures contract LC2610, from the date of contract listing to the 9th trading day of the month preceding the delivery month (i.e., the general month), the position limit is 5% of the contracts total open interest when the single-sided open interest exceeds 60,000 lots, and 3,000 lots when the single-sided open interest is less than 60,000 lots. 1. CITIC Securities Futures stated that the adjustment changes the position limit from 3,000 lots for contracts with a single-sided open position of 30,000 lots to 3,000 lots for contracts with a single-sided open position of 60,000 lots. The position limit for contracts with a single-sided open position exceeding 30,000 lots (10% of the contracts open position) has been adjusted to 5% for contracts with a single-sided open position exceeding 60,000 lots. This can be understood as a reduction in the position limits. Industrial clients can apply for hedging quotas according to their operational needs; this adjustment will not affect their participation. 2. A relevant official from the Guangzhou Futures Exchange stated that, based on a thorough assessment of the products operation and in accordance with market development needs and the requirements of "strengthening supervision, preventing risks, and promoting high-quality development," the exchange adjusted the position limits for general months of lithium carbonate futures to ensure the stable operation of the futures market. Furthermore, the Guangzhou Futures Exchange will continue to optimize product rules, strengthen risk assessment and market supervision, and strive to ensure the safe and stable operation of the futures market.

Dollar Growth And Fed Hawkishness Are Pressuring Gold Prices

Aria Thomas

Feb 23, 2023 11:45

107.png


Gold prices moved little on Thursday, but were down for the week as the dollar reached a six-week high on concerns of a hawkish Federal Reserve. Investors are now focusing on impending economic data for additional clues on the U.S. economy and monetary policy.


Later in the day, a revised estimate of U.S. GDP for the fourth quarter will be released, with any sustained evidence of resilience in the economy giving the Fed more room to continue raising interest rates. This notion was strengthened this week by readings on business activity that exceeded expectations.


Friday will also see the release of the Personal Consumption Expenditures price index for January, which is anticipated to confirm that inflation remained persistent throughout the month. In addition, the reading is likely to increase the Fed's calls for sharper interest rate increases in the future months.


At 19:07 E.T., spot gold was unchanged at $1,824.76 per ounce, while gold futures declined 0.1% to $1,832.85 per ounce (00:07 GMT). Both assets were down approximately 0.4% thus far this week.


Wednesday's publication of the minutes from the Federal Reserve's February meeting revealed that the majority of monetary policy committee members supported raising interest rates for an extended period of time this year. However, their proposals for a 25 basis point increase were deemed obsolete after data released after the Fed's meeting revealed that inflation remained much more persistent than anticipated.


Nonetheless, the dollar reached a six-week high versus a basket of currencies. The opportunity cost of holding non-yielding assets such as gold and other precious metals increases as interest rates rise.


This week will also bring inflation data from the Eurozone and Japan, which are expected to indicate that global price pressures remain elevated, likely resulting in tightening monetary conditions.


On Thursday, other precious metals were trading lower. Futures for silver fell 0.6% to $21.530 per ounce, while futures for platinum fell 0.1% to $950.80 per ounce.


High-grade copper futures were muted at $4.1790 per pound on Thursday, after falling 1.1% on Wednesday.


In spite of this, prices of the crimson metal have increased by nearly 2% so far this week, due to evidence of resilience in U.S. economic activity and optimism regarding China's recovery.


Suggestion