EUR/USD 1.14060
0.074%
Gold 4139.85
1.526%
Oil 84.744
0.650%
USD/JPY 163.141
-0.028%
GBP/USD 1.33839
0.073%
GBP/JPY 218.351
0.058%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Mitsubishi Electric and Sony Semiconductor Solutions have formed a joint venture to focus on artificial intelligence vision sensors for industrial manufacturing.JPMorgan Chase raised its price target for General Motors (GM.N) from $110 to $120.On July 22, the General Office of the Hainan Provincial Peoples Government recently issued the "Hainan Provinces 15th Five-Year Plan for Service Industry Development," which proposes to solidly advance the comprehensive pilot program for expanding the opening-up of the service industry. The plan includes: improving the data transaction and security system in the telecommunications service sector; relaxing restrictions on institutional cooperation and import restrictions on rare disease drugs in the medical and health care sector; deepening the Qualified Foreign Limited Partner (QFLP) pilot program in the financial sector and developing green finance and offshore trade; optimizing cross-border e-commerce and international consumption facilities in the commerce, trade, culture, and tourism sector; opening up green channels for cross-border freight and exploring new multimodal transport models in the transportation sector; promoting the deep integration of manufacturing and service industries and cultivating emerging industrial chains such as commercial aerospace and intelligent connected vehicles; optimizing foreign exchange management for foreign investment, simplifying port procedures, and relaxing restrictions on the practice and residence of foreign talent; improving industry standards in key areas such as data and transportation, and promoting mutual recognition and alignment of international standards.July 22 - According to the Zhejiang Provincial Bureau of Statistics, based on the unified accounting results for regional GDP, the provinces GDP in the first half of the year reached 4,793.7 billion yuan, a year-on-year increase of 5.7% at constant prices. By industry, the added value of the primary industry was 112.9 billion yuan, an increase of 4.4%; the added value of the secondary industry was 1,813 billion yuan, an increase of 6.2%; and the added value of the tertiary industry was 2,867.8 billion yuan, an increase of 5.5%.On July 22, the General Office of the Hainan Provincial Peoples Government recently issued the "Hainan Provinces 15th Five-Year Plan for Service Industry Development," which proposes to develop commercial aerospace technology services. Relying on the international satellite data trading service platform, the second phase of the intelligent launch service system for commercial aerospace launch sites, the third-party intelligent testing service center for low-orbit satellites, and the remote sensing and mapping application service capability enhancement project, the plan aims to promote the extension of commercial aerospace from hardware manufacturing to high-value-added operational services, thereby enhancing Hainans service capabilities in the international aerospace and telemetry support fields.

Gold Maintains Its Position Above $1,700 Despite Dollar Decline; ECB Anticipation

Charlie Brooks

Sep 08, 2022 11:28

28.png


Gold prices stayed constant over $1,700 on Thursday, as a pause in the dollar's recent ascent relieved some pressure on metal prices, with attention shifting to an upcoming meeting of the European Central Bank for more cues.


At 11:18 p.m. ET (19:18 GMT) on Thursday, spot gold was essentially unchanged at $1,717.40, after gaining about 1% on Wednesday. Gold futures rose marginally to $1,728.65, after gaining around 1% in the previous session.


As investors awaited a rate hike by the European Central Bank (ECB) later in the day, the dollar slid further from its 20-year highs on Thursday. It is anticipated that the central bank will hike interest rates by 50 basis points for the first time in eleven years as it struggles to curb growing inflation and a weakened euro.


It is anticipated that the increase in interest rates will strengthen the euro and weaken the dollar, which might be beneficial for gold prices.


"The increase of the U.S. dollar has been halted pending the ECB rate announcement, which is positive for gold." Gold is tentatively holding near the $1,700 mark, which might be tested... According to research by OANDA analysts, gold remains susceptible to another significant decline.


The dollar's strength and U.S. Treasury yields have severely weighed on gold prices over the past month, as good U.S. economic data and hawkish signals from the Federal Reserve have raised expectations for future sharp interest rate hikes by the central bank. As a result of the Federal Reserve's decision to increase interest rates this year, gold's price has decreased since its peak in 2022.


This has caused gold returns to lag behind inflation, casting doubt on the yellow metal's efficacy as a hedge against inflation.


Copper prices were muted, continuing a fall in the prior session, as concerns about China's faltering economy increased.


Despite Chinese trade data indicating that the nation continued to increase copper imports in August, investors are afraid that this trend may reverse as economic activity continues to decline.


As a result of a fall in imports and exports, China's overall trade balance in August was severely below expectations.

Suggestion