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The Israeli military says that since the start of the war, Iran has launched more than 400 ballistic missiles at Israel, 92% of which have been intercepted.On March 22, local time, Israeli Prime Minister Benjamin Netanyahu stated in the southern city of Arad that Israel is responding to Iranian attacks, but not targeting civilians. Netanyahu indicated that Israels targets are the current Iranian regime and the Islamic Revolutionary Guard Corps (IRGC), and the Israeli military will directly strike the IRGCs leaders, as well as their infrastructure and economic assets.On March 22, He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, met with a delegation from the US-China Business Council in Beijing. He Lifeng stated that the China-US relationship is the most important bilateral relationship in the world today. He expressed hope that the US-China Business Council would continue to play its role as a bridge, promoting friendly exchanges and the steady and healthy development of China-US economic and trade relations. He also hoped that American companies would fully seize the opportunities presented by Chinas development, make good use of the potential of the Chinese market, and inject more stability and positive energy into China-US economic and trade relations.On March 22, Australian Climate Change and Energy Minister Chris Bowen announced that six fuel ships scheduled to arrive in Australia next month have had their voyages cancelled or postponed due to the Middle East conflict. In an interview with the Australian Broadcasting Corporation (ABC), Bowen stated that the six ships, originating from Malaysia, Singapore, and South Korea, were originally scheduled to arrive next month. He said that against the backdrop of the Middle East conflict, Australias fuel supply will experience "some fluctuations," and the government will "work with refiners and importers to mitigate the impact as much as possible." Bowen also stated that Australias current fuel reserves are slightly higher than pre-crisis levels, with gasoline reserves estimated at approximately 38 days and diesel and jet fuel reserves at approximately 30 days. Bowen ruled out the possibility of implementing fuel rationing measures in the short term.Israeli Prime Minister Netanyahu: Its time to get other world leaders into our war.

Gold Floats Above $1,900; Economic Indicators Are Needed

Haiden Holmes

Jan 17, 2023 11:12

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Gold prices remained at eight-month highs on Tuesday, having remained within a narrow range in recent sessions as investors awaited additional cues from a plethora of economic data due this week, with a particular focus on any signs of a recession.


Despite a modest dollar recovery, Monday's trading volumes in the yellow metal were also constrained by a U.S. holiday.


The markets are awaiting key inflation figures from the Eurozone and the United Kingdom, as well as retail sales and industrial output data from the United States, in order to determine whether the world's largest economies will experience a potential slowdown due to tight monetary conditions.


The Bank of Japan's policy meeting on Wednesday is also in the spotlight, given the central bank's unexpectedly hawkish tone at its December meeting. The action had a significant impact on the dollar and marginally supported commodity prices.


Spot gold rose 0.2% to $1,918.14 per ounce as of 19:07 GMT, while gold futures rose 0.1% to $1,920.95 per ounce (00:07 GMT). In recent weeks, the expectation of a slowdown in U.S. interest rate hikes dramatically increased the price of gold, but the likelihood of a global recession this year has reignited demand for gold as a safe haven.


As the effects of rapid monetary tightening in 2022 become apparent, the markets are preparing for the possibility of a recession in major economies. Earlier this month, the International Monetary Fund had warned of a similar circumstance in 2023.


A potential recession is expected to benefit gold because it could force the Fed to halt its rate-hiking cycle. In 2022, the central bank initiated one of its most severe monetary tightening campaigns, which boosted the dollar and weakened metals and other non-yielding assets.


The price of copper increased slightly on Tuesday after falling significantly from a seven-month high the day before. The expectation of a demand recovery in China, the world's largest importer, has contributed to the metal's month-to-month increases.


Despite the fact that China has recently loosened the majority of its anti-COVID regulations, there has been a significant increase in COVID-19 cases, which casts doubt on the timeline for economic recovery. Tuesday's GDP data will likely shed additional light on this trend.


Futures for high-grade copper rose 0.3% per pound to $4.1498.

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