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March 16th news: According to the Russian Ministry of Defense on the afternoon of the 16th local time, the Russian Aerospace Forces successfully launched an "Angara-1.2" light carrier rocket at the Plesetsk Cosmodrome in Arkhangelsk Oblast, carrying several satellites for use by the Russian Ministry of Defense.On March 16, according to @Customs, recently, some online platforms spread the news that "Customs will delay inspection of imported coal from April 1, which may lead to extended customs clearance time and further increase the possibility of reduced import volume", which has aroused the attention and discussion of the industry. Customs confirmed that this information is untrue. We remind all enterprises and related parties not to believe and spread unconfirmed news to avoid unnecessary troubles and losses.On March 16, the General Office of the CPC Central Committee and the General Office of the State Council issued the "Special Action Plan to Boost Consumption". The plan proposes to promote the transformation of the whole society to be suitable for the elderly, support local pilot exploration, and promote the installation of elevators in multi-story buildings and the development of elderly dining services. Actively develop industries such as anti-aging and silver tourism to release the potential of the silver consumption market. Encourage the development of community embedded childcare, employer-run childcare and integrated childcare services. Support and regulate social forces to develop elderly care and childcare services, and improve the price formation mechanism of elderly care services. Encourage places with conditions to provide site support and operation subsidies to universal childcare institutions based on actual conditions.On March 16, the General Office of the CPC Central Committee and the General Office of the State Council issued the "Special Action Plan to Boost Consumption". The plan proposes to develop inbound consumption. Orderly expand the scope of unilateral visa-free countries, optimize and improve regional entry visa-free policies. Launch more high-quality inbound tourism routes and services, improve the convenience level of foreign tourists in China, and cultivate international medical, exhibition and other markets. Deepen the cultivation and construction of international consumption center cities. Support the opening of duty-free shops in urban ports that meet the conditions. Support more high-quality merchants to become departure tax refund stores, and promote the "buy now, refund now" service measures for departure tax refunds.On March 16, the General Office of the CPC Central Committee and the General Office of the State Council issued the "Special Action Plan to Boost Consumption". The plan proposes to promote ice and snow consumption. Launch and implement the ice and snow tourism promotion plan, organize and carry out ice and snow consumption season and other consumption promotion activities, build a number of ice and snow theme high-quality tourist attractions and resorts, and support ice and snow resource-rich areas to build world-renowned high-quality ice and snow tourism destinations. Encourage all regions to enrich the supply of ice and snow venues and consumer products according to time and place.

Gold Gains Weekly for the First Time in Six Weeks; Prices Remain Below $1,700

Haiden Holmes

Jul 25, 2022 11:43

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As the yellow metal's five-week losing streak came to an end, gold bulls achieved their first weekly victory since early June.


As markets prepare for the Federal Reserve's rate hike in July, analysts say the price of an ounce of gold, which is now hovering in the low $1,700s, may be susceptible to another slide below the $1,600 zone next week.


Analysts predict that if bullion maintains the tendencies of the last two days, it might rebound quickly from any dip into the sub-$1,700 range, propelling it to $1,800.


Ed Moya, head of U.S. research at the online trading platform OANDA, observed, "Gold is beginning to act as a safe haven as slowing economic growth compels many central banks to abandon aggressive tightening plans." "Gold may find resistance at $1,750, but if it does not, it will encounter few impediments until $1,800."


Gold futures for August delivery on the New York Comex gained $14, or 0.8 percent, to $1,727.40 per ounce on Friday, after trading around a 16-month low of $1,680.96 per ounce on Thursday.


After a five-week fall that cost bulls $172, or 9 percent, gold prices increased by 1.4 percent during the week of August.


On Friday, the Dollar Index, which compares the dollar to six major currencies, reached a two-week low of 105.98, causing the weekly rise. Unlike gold, the dollar reached its highest level since December 2002 last week, reaching 109.14.


Since the beginning of this week, the greenback has dropped, and its decline accelerated as the European Central Bank joined numerous other central banks on Thursday in raising interest rates to combat runaway inflation rather than prevent an economic recession.


The dollar declined on Friday as weaker-than-anticipated statistics from the U.S. services sector impacted on the currency's sentiment. S&P Global said that its most recent services sector index declined to 47 from a previous reading of 52.7 and a forecast of 52.6.


Contrary to initial forecasts, poor service statistics have increased the chance that the Fed would not raise interest rates by 100 basis points in July.

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