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On April 10th, foreign exchange analyst Giuseppe Dellamotta stated that given the markets focus on the US-Iran negotiations and the widespread perception that Marchs inflation rise was caused by the war, the market is likely to ignore todays data, as everything hinges on the outcome of the negotiations. We can see significant divergence in overall CPI forecasts, but core CPI forecasts are more concentrated. The Federal Reserve is currently maintaining a firmly neutral stance but has opened the door to further tightening in case inflation expectations begin to rise or the war lasts longer than expected. The market expects 7 basis points of easing room by the end of the year, implying that neither rate hikes nor cuts are anticipated in 2026.The China Earthquake Networks Center officially reported that a magnitude 3.0 earthquake struck Zizhong County, Neijiang City, Sichuan Province at 19:07 on April 10, with a focal depth of 6 kilometers.According to CCTV: Li Qiang chaired a symposium with economic experts and entrepreneurs.April 10th - At a special press conference held on the morning of the 10th, titled "Starting the 15th Five-Year Plan: Building the Hainan Free Trade Port to High Standards," it was announced that during the 14th Five-Year Plan period, the Hainan Free Trade Ports policies, including "zero tariffs," exemption from tariffs on processing value-added tax, and a "double 15%" income tax incentive, have cumulatively reduced taxes and fees and provided tax refunds exceeding 80 billion yuan for business entities.A Brazilian court rejected the governments request to continue exempting certain companies from oil export taxes.

Due to China's Problems, Gold Resists $1,780 As Copper Falls

Haiden Holmes

Nov 17, 2022 15:36

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Gold prices fell Thursday as safe-haven demand decreased owing to diminishing fears of a Russia-Ukraine conflict escalation. Copper prices fell further due to concerns over a COVID outbreak in China.


After four consecutive sessions of gains, bullion profited but still reached a three-month high.


Spot gold fell 0.3% to $1,773.88 per ounce, while gold futures stayed at $1,777.0 per ounce as of 17:00 ET (00:00 GMT). NATO countries said a missile that killed two people in Poland was likely fired by Ukrainian forces in reaction to a Russian missile strike, lowering demand for gold as a safe haven.


Gold prices rose as the dollar fell in anticipation of a less hawkish Federal Reserve and softer-than-expected U.S. inflation data suggested diminishing price pressures.


Fed members favor fewer rate hikes to avoid a recession. The markets expect the Fed to hike rates by 50 basis points in December.


This year, rising interest rates dragged down gold prices by increasing the opportunity cost of holding the yellow metal. Experts say lowering U.S. inflation may help gold's chances.


"Pullbacks have been small, and upward pressure remains. A breach of $1,780 might drive another leap and relieve concerns about the rally's endurance," Oanda analysts said.


As investors awaited U.S. economic data, the dollar maintained steady Thursday.


Concerns over China's weakening economic development kept copper prices steady on Thursday.


Copper prices remained flat at $3.7575 a pound on worries that a new COVID-19 outbreak in China might impact economic activity.


As China faces its biggest COVID-19 pandemic in six months, weaker-than-expected economic statistics reinforce this notion.


This has offset tighter copper supplies owing to outages in Chile and Peru.

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