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November 9th - Trump: I am pleased to announce that the great attorney John Coale has been nominated as the U.S. Special Envoy to Belarus. He has successfully facilitated the release of 100 hostages and is working to secure the release of another 50. I would like to express my sincere gratitude in advance to the esteemed President Lukashenko of Belarus for considering the release of these additional hostages.U.S. Treasury Secretary Bessant: Substantial progress is being made on the inflation issue, and prices are expected to fall in the coming months.On November 9th, local time, Ukrainian President Volodymyr Zelensky signed a new sanctions decision, imposing sanctions on several Russian government officials and institutions. Ukraine called on the international community to increase pressure on Russia and sanction all individuals and organizations that fund war and spread disinformation. Ukraine stated that this round of sanctions includes "Russian government members involved in the plunder of occupied Ukrainian territories" and personnel from Russian military intelligence. Ukraine also plans to take further measures against publishing institutions within Russia engaged in war propaganda and defense of aggression. According to Ukrainian sources, the sanctions list includes individuals such as Russian Presidential Special Representative Kirill Dmitriev.Iraqs State Oil Marketing Organization (SOMO) announced that Iraq has set its official selling price for December Basra medium crude oil to Asia at a discount of $0.35 to the average price of Oman/Dubai crude oil.November 9th - According to Japans TBS News, a 5.6-magnitude earthquake struck off the eastern coast of Honshu, Japan, at 6:28 PM local time on the 9th, with a focal depth of 10 kilometers. The epicenter was located off the coast of Sanriku, and Morioka City in Iwate Prefecture experienced noticeable tremors with an intensity level of 3. A 6.7-magnitude earthquake had just struck the same area at approximately 5:03 PM local time on the 9th, triggering a tsunami. According to the latest observations, the tsunami has reached several locations in Iwate Prefecture, including Miyako, Kuji Port, and Ofunato. No casualties have been reported so far.

Gold Maintains Its 8-Month High Ahead of A Data-Rich Week

Haiden Holmes

Jan 16, 2023 11:00

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On Monday, gold prices stabilized at recent highs as investors locked in profits and exercised caution ahead of a flurry of major economic data releases and central bank meetings from across the globe this week.


In recent weeks, the price of gold has increased significantly due to an increase in bets that the U.S. Federal Reserve will raise interest rates at a slower rate in the future months, thereby reducing the pressure on non-yielding assets.


Statistics indicating that inflation fell further in December supported this notion, which weighed on the dollar and yields on U.S. Treasury assets.


Fears of a recession in the world's leading economies prompted a rise in safe-haven demand for gold in 2018, as the effects of rapid interest rate hikes through 2022 became apparent.


This week, a deluge of data from the United States, Japan, China, the United Kingdom, and the Eurozone will shed light on any additional signs of sluggish development in major economies. China and Japan's interest rate decisions are also under scrutiny, with particular focus on the Bank of Japan following its unexpectedly hawkish tone at its December meeting.


Spot gold fell 0.1% to $1,918.49 per ounce, while gold futures held constant at $1,925.00 per ounce as of 19:33 E.T. (00:33 GMT). Since May 2022, both variables were near their best values.


Monday's trade volumes on the metals markets are anticipated to be low due to a U.S. holiday.


Last week, copper prices reached a seven-month high. On Monday, copper prices declined slightly. In anticipation of a resurgence in Chinese demand this year as a result of China's relaxation of most of its stringent anti-COVID regulations, bids for the red metal skyrocketed.


Copper futures fell 0.3% to $4.2060 per pound, but are up more than 10% so far this year.


In addition to robust demand patterns in China, the world's largest copper consumer, prices of the red metal are predicted to benefit from potential supply delays among important Latin American suppliers.

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