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On April 3, the Ministry of Civil Affairs released six newly formulated and revised industry standards in the funeral sector, including the "Specifications for Data Sharing and Exchange in Funeral Management Service Information Systems" and the "Public Satisfaction Evaluation of Funeral Services." These standards stipulate measures to promote the informatization of the funeral sector, optimize the service quality of funeral service institutions, and strive to improve the management level of funeral services and solidify the institutional guarantee of "a peaceful passing." The series of standards will take effect on April 5 this year.The Russian Ministry of Finance reported that revenue from oil and gas sales in the Russian state budget was 617 billion rubles in March, compared to 432.3 billion rubles in February.On April 3, it was reported that on April 1, the State Financial Regulatory Commission (SFC) held an enlarged collective study session of its Party Committee Theoretical Learning Center Group. Li Yunze emphasized the need to focus on core financial business, promote the construction of a financial service system adapted to the financing needs of future industries throughout their entire lifecycle, and use fintech to precisely serve the development of future industries such as artificial intelligence, injecting new momentum into Chinas modernization. He stressed the importance of balancing development and security, deeply understanding and grasping the development trend of artificial intelligence, steadily and orderly promoting the pilot application of artificial intelligence in the financial industry, establishing and improving the governance architecture for the safe development and application of artificial intelligence, and promoting the high-quality development of digital finance. He also emphasized strengthening technological empowerment, launching the "Financial Regulatory Project" with high quality, consolidating the technological support for financial regulation, continuously improving the level of digital and intelligent regulation and the ability to penetrate regulation, and effectively enhancing the quality and efficiency of strong and strict regulation.Government officials: Greek prime minister will reshuffle cabinet amid EU agricultural fraud scandal investigation.On April 3, the Ministry of Industry and Information Technology and nine other departments issued a notice on the "Trial Measures for the Review and Service of Artificial Intelligence Technology." The notice outlines several key points regarding fairness and impartiality, including: the selection criteria for training data; the rationality of the design of algorithms, models, and systems; and whether measures have been taken to prevent bias, discrimination, and algorithmic exploitation, ensuring objectivity and inclusivity in resource allocation, opportunity acquisition, and decision-making processes. Regarding transparency and explainability, the notice examines whether information such as the purpose, operating logic, interaction methods, and potential risks of algorithms, models, and systems are reasonably disclosed; and whether effective technical means are employed to enhance the explainability of algorithms, models, and systems. Finally, regarding privacy protection, the notice addresses whether sufficient measures have been taken to ensure the effective protection of privacy data in data collection, storage, processing, use, and research and development of new data technologies.

Gold Price Prediction: XAU / USD Bulls encounter resistance, while bears eye trendline support

Alina Haynes

Mar 13, 2023 11:24

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Gold price was approximately 0.5% higher at the start of the week following a 2% increase in the first hour of Tokyo trade on Friday, and as US authorities announced plans to limit the repercussions from the failure of Silicon Valley Bank (SVB). Gold is currently trading at $1,878 and ranges from $1,867.03 to $1,894.68 at the time of writing.

 

In a joint statement, the US Treasury and Federal Reserve announced a number of measures to stabilize the banking system and announced that depositors at SVB would have access to their funds on Monday. The Biden administration on Sunday guaranteed that customers of the failed Silicon Valley Bank will have full access to their funds beginning Monday. Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, and Federal Deposit Insurance Corporation Chairman Martin J. Gruenberg stated in a joint statement on Sunday that the FDIC will compensate SVB and Signature's customers in full.

 

Investors hypothesized that the Federal Reserve would be reluctant to upset the boat by increasing interest rates by a massive 50 basis points this month, resulting in a weaker US Dollar. Fed fund futures surged in early trading, implying only a 17% chance of a half-point hike, down from 70% before the SVB announcement last week. The apex for rates was 5.14%, down from 5.69% last Wednesday, and markets were even pricing in rate cuts by the end of the year. In a move that has benefited the price of gold, yields on two-year Treasuries fell to 4.445%, well below last week's peak of 5.08%.

 

In the meantime, speculators will focus on the US Consumer Price Index data that will be released on Tuesday. Even though the financial system is under stress, there is the possibility of a more aggressive Federal Reserve if the data comes in strong. ´´Core prices likely gained momentum in February with the index increasing a robust 0.5% MoM, as we look for the recent substantial relief from goods deflation to start normalizing,´´ analysts at TD Securities explained. "Shelter inflation is likely to remain the most significant wild card, while a decline in petroleum and food prices will likely reduce non-core CPI inflation. Our m/m forecasts imply total/core price growth of 6.1%/5.5% YoY.

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