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On March 12, the General Office of the Ministry of Industry and Information Technology issued a notice on organizing the 2026 Metropolitan Area "Millisecond Computing Power" Special Action. The action plans to be carried out in 50 regions in 2026 to improve the efficient operation of computing power and promote the integrated development of computing and the internet.The Russian Ministry of Defense reported that 10 Ukrainian attack drones were destroyed overnight over a gas compressor station supplying gas to the TurkStream pipeline. No damage to the compressor station was reported.On March 12, the International Energy Agency (IEA) reported that Russias oil export revenue fell to its lowest level since the conflict began in February, amid Western sanctions restricting sales and forcing a further widening of price discounts, and continued attacks on oil infrastructure by Kyiv. Russia earned $9.5 billion from crude oil and petroleum product exports last month, a decrease of $1.5 billion from January. According to the IEA, total oil exports plummeted by 850,000 barrels per day to 6.6 million barrels per day, also the lowest level since early 2022. Meanwhile, the IEA stated that attacks by Ukraine on Russian oil infrastructure and fuel production plants led to a reduction of approximately 300,000 barrels per day in Russian refining output in February, falling to 5.1 million barrels per day, which also contributed to the decline in crude oil exports. The IEA indicated that the Middle East conflict could increase demand for Russian oil due to production cuts by several regional producers. Nevertheless, the agency maintained its forecast for Russian crude oil production, projecting an average output of 9.3 million barrels per day for the remainder of 2026.Chair of the European Parliaments Trade Committee: (Regarding the US Section 301 tariff investigation) Any deviation from the EU-US trade agreement is unacceptable.March 12 – Foreign Ministry Spokesperson Guo Jiakun held a regular press conference on March 12. AFP reporter: It has been reported that due to the ongoing conflict in the Middle East and the disruption of traffic in the Strait of Hormuz, Chinese oil refineries have been ordered to suspend oil exports. What is Chinas comment on this? Guo Jiakun: I am not aware of the situation you mentioned. For specific questions, I suggest you inquire with the relevant Chinese authorities.

Gold Price Prediction: As the USD Index attempts to recover, XAU/USD is likely to encounter resistance near $1,830

Alina Haynes

Feb 24, 2023 14:25

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Gold price (XAU / USD) has detected resistance while extending its recovery above $1,828.00 in the Asian session. As the US Dollar Index (DXY) has attempted a recovery following a correction to around 104.10, the precious metal's bearish pressure appears to be strong. It appears that the risk-taking impulse has subsided and investors are returning to the risk-aversion theme.

 

Following a favorable Thursday, S&P500 futures are showing moderate losses. Global equities are susceptible to extreme volatility as additional announcements of interest rates may be necessary to combat persistent inflation. A small majority of equity analysts surveyed by Reuters anticipated a correction within three months.

 

After a severe correction, yields on US government bonds are still struggling to recover. At the time of writing, 10-year US Treasury Yields were approximately 3.87 percent.

 

Investors will monitor the Personal Consumption Expenditure (PCE) Price Index figures for additional guidance. Annually, the economic data is anticipated to be 4.3% higher than the previous release of 4.4%. The monthly data is anticipated to increase by 0.4%, compared to the 0.3% previously reported. Price pressures in the U.S. economy have shown resiliency following a downward trend, which was driven by a rebound in household expenditure and a positive labor market.

 

The US Department of Labor reported a decline in Initial Jobless Claims (IJC) to 193K on Thursday, below Bloomberg's estimates of 200K. Continuing claims, which include individuals who have received unemployment benefits for a week or more, decreased by 37,000 to 1.65 million in the week ending February 11, according to Bloomberg. This was the largest decrease since December.

 

Undoubtedly, the labor market is exceptionally robust, as evidenced by the declining number of jobless claims, the lowest unemployment rate in decades, and robust job creation. This strengthens the notion that the Federal Reserve (Fed) cannot halt further rate hikes.


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