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On April 6, local time, Iran claimed that it launched three rounds of missiles at Israeli territory within 20 minutes. Israel stated that Iran launched at least 10 missiles carrying cluster warheads in the three rounds of attacks.On April 6, Ali Velayati, foreign affairs advisor to Irans Supreme Leader, warned the United States on April 5 that if it "makes another mistake," the Iranian-led resistance front would retaliate by blocking the Bab el-Mandeb Strait. Velayati posted on social media that day: "Today, the unified command of the resistance front views the Bab el-Mandeb Strait as much as the Strait of Hormuz. If the White House makes another foolish mistake, it will soon realize that with just one move, global energy and trade flows can be disrupted."The yield on Japans 20-year government bonds rose to 3.325%.On April 6, a Democratic member of the U.S. House of Representatives warned that U.S. military action in Iran is making the American people "less safe," while also describing Trumps recent profanity-laden rhetoric as "insanity." Jim McGovern, the highest-ranking Democrat on the House Rules Committee, wrote, "When the United States violates international humanitarian law, we are inviting other countries to follow suit. This makes us all unsafe." He noted that international human rights law experts are "raising alarms about U.S. actions in war," including serious violations of the Geneva Conventions and international law, as well as possible "war crimes." In another post, McGovern also described Trumps recent threats as utterly insane and extremely dangerous. "This is simply insanity. The President of the United States needs treatment."On April 6th, following the "Science and Technology Exchange Connect" initiative, the Shenzhen Branch of the State Administration of Foreign Exchange launched another foreign exchange facilitation measure, the "Science and Technology Salary Connect" pilot program. This program focuses on providing convenient two-way foreign exchange services for the salaries of employees of key state-supported units such as high-quality enterprises, universities, and research institutions. This facilitates the cross-border flow of talent in the Guangdong-Hong Kong-Macao Greater Bay Area and supports the construction of Shenzhen as an international science and technology innovation center. It is understood that qualified employees can, through public-private partnerships with their employers, avoid submitting or repeatedly submitting documents when processing salary purchase and settlement transactions at pilot banks. This model integrates relevant foreign exchange facilitation policies, leverages corporate credit enhancement, and significantly improves the efficiency and convenience of cross-border salary processing for employees with foreign work experience, providing high-quality foreign exchange services to support Shenzhens talent attraction efforts.

Gold Falls to a 5-Week Low Ahead of Nonfarm Payrolls as the Dollar Rises

Charlie Brooks

Sep 01, 2022 10:58

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Gold prices declined further on Thursday as the U.S. dollar strengthened ahead of this week's critical employment report, while copper prices tumbled owing to mounting fears of a global economic slowdown.


At 20:45 Eastern Time (00:45 GMT), spot gold fell 0.3% to $1,706.26 per ounce, its lowest level since late July. Gold futures decreased 0.5% to $1,716.75 per ounce. In the previous five months, the dollar and Treasury yields have decreased dramatically due to rising U.S. interest rates.


This week, the price of gold fell, as the dollar stayed at 20-year highs ahead of Friday's critical U.S. nonfarm payrolls report. The dollar index rose by 0.3% on Thursday.


While it is predicted that August payrolls will be lower than in July, a stronger-than-anticipated total could offer the Federal Reserve more leeway to raise interest rates more rapidly this year.


Private payrolls in the United States grew substantially less than expected in August, indicating that the labor market may be cooling.


Due to Fed Chair Jerome Powell's forceful words last week, gold and the majority of other commodities have lost a substantial amount during the past three sessions. Over seventy percent of investors predict that the Federal Reserve will raise interest rates by 75 basis points later in September.


Other precious metals also saw a fall in value. The price of platinum declined 0.9%, while silver futures dropped 1.5%.


Copper futures fell 0.7% to $3.4880 per pound, extending losses to a sixth consecutive trading day as fears of a global recession grew.


Wednesday's release of data indicating Chinese manufacturing activity dropped for the second consecutive month in August precipitated a sharp decline in the price of the red metal.


Weak economic indications from Germany and Japan, as well as skyrocketing inflation in the eurozone, heightened fears of an economic slowdown, thereby reducing the copper market.

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