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Hamas: Under the agreement, 10 hostages will be released alive and 18 bodies will be returned in exchange for Israel releasing some Palestinian prisoners.On May 31, Indias Adani Energy Solutions Ltd. approved raising 43 billion rupees (about $502 million) by selling shares. According to exchange documents filed on Saturday, the Adani Groups board of directors passed an authorization resolution to raise the funds once or more through "qualified institutional placements." Adanis business scope extends from ports to green energy, and the company is gradually regaining investor confidence after its founder was sued by the United States. In April this year, the group raised about $750 million for an acquisition, and BlackRock subscribed to about one-third of the bonds. Last week, its port division raised $150 million from DBS Group Holdings through bilateral loans.On May 31, the Israeli Defense Forces said that in the past 24 hours, the Israeli Air Force attacked dozens of targets in the Gaza Strip, including infrastructure used by the Palestinian Islamic Resistance Movement (Hamas). The Israeli army said that the attack killed 60 people and injured dozens of people. The Israeli army said that a well-known Hamas militant involved in the manufacture of weapons was killed in a drone attack in the Sabra neighborhood of Gaza City on the 30th.National Highway Traffic Safety Administration: Ford Motor (FN) recalled 29,501 vehicles in the United States because the control arm may fall off, causing the vehicle to lose steering and control, increasing the risk of an accident.May 31st news: On May 31st, the 2025 Guangdong-Hong Kong-Macao Greater Bay Area Auto Show officially opened. The number of visitors on the first day reached 183,000, exceeding the 157,000 on the first day last year, setting a historical high.

Dollar Growth And Fed Hawkishness Are Pressuring Gold Prices

Aria Thomas

Feb 23, 2023 11:45

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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.