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July 4th, driven by soaring gold production and improved foreign exchange reserves, Zimbabwes currency ZiG (Zimbabwe Gold) recorded its biggest one-day gain against the US dollar this year. According to data published on the website of the countrys central bank, ZiG rose 0.2% to 26.89 against the US dollar on Friday. The countrys only gold refinery, Fidelity Refining, said in a statement on Friday that gold production increased by nearly 46% to 20,104 kilograms in the first six months of this year. In June this year, its production rose 63% year-on-year. The countrys central bank said that the increase in gold production has tripled foreign exchange reserves. The Reserve Bank of Zimbabwe said last month that it had 3.4 tons of gold in its vaults, more than double the 1.5 tons of gold when ZiG was first issued in April last year. ZiG is the product of the countrys sixth attempt to stabilize its currency in 16 years.Indian official: Trade deal with US will be reached before July 9 only if it is in the interest.On July 4, Zhonghong Medical announced that its subsidiary Zhonghong International (Hong Kong) Trading Co., Ltd. signed an agreement with Guilin Hengbao Protection International Co., Ltd. to acquire 75% of the equity of Southeast Asia SEA3 with its own funds totaling 697 million yuan in cash. At the same time, Zhonghong Hong Kong and Hengbao International will increase capital in SEA3 by 52.9755 million yuan and 22.7038 million yuan respectively. This acquisition does not constitute a related transaction or major asset reorganization and does not need to be submitted to the shareholders meeting for deliberation.Dabrowski, monetary policy committee member of the Polish Central Bank: The key interest rate is expected to drop to 3.5% in 2026.Dabrowski, monetary policy committee member of the Polish Central Bank: The easing cycle may begin in October or November.

Gold Price Prediction: XAU/USD bears maintain control below $1,845 - Convergence Detection

Daniel Rogers

Feb 21, 2023 15:13

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Gold price (XAU/USD) declines toward the previous week's low, which is also the lowest level since late December, as risk aversion and the restoration of full markets combine to support the US Dollar. The rising rates on US Treasury bonds may bolster the greenback and weigh on the XAU/USD.

 

Yet, geopolitical concerns regarding China and Russia appear to be driving the recent push toward risk aversion. With the good US data, there are new concerns regarding the Federal Reserve's (Fed) hawkish move. Notably, the cautious sentiment preceding the preliminary readings of the US Purchasing Managers Index (PMI) data for February appears to pose a challenge to the Gold price. Wednesday's Federal Open Market Committee (FOMC) Monetary Policy Meeting Minutes are also crucial.

 

In addition to the cautious mood and fears of a rising Fed rate, technical convergence gives gold bears reason to be optimistic.


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