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March 22nd - A new round of refined oil price adjustments will take place in China at midnight on March 23rd. According to Longzhong Information, the expected increase is around 2000 yuan/ton. For a 70-liter fuel tank, filling up a car will cost approximately 106 yuan more. For a 50-liter tank, the increase is expected to be around 75 yuan more. This will mark the fifth consecutive price increase this year, potentially the largest increase this year. However, the final adjustment amount will depend on the official data released by the National Development and Reform Commission that evening.On March 22, Hong Kong Financial Secretary Paul Chan Mo-po stated that during his recent visit to Beijing, he met with several central government ministries and financial regulatory agencies. They engaged in in-depth discussions on the macroeconomic situation, the current state and development of the financial market, and how Hong Kong can better play its role in the new phase of the nations 15th Five-Year Plan. Chan and his delegation deeply appreciated the concern, understanding, and support shown by the various ministries and agencies for Hong Kongs situation. They also realized the need for a more accurate understanding of the nations development direction, key areas, and strategies in order for Hong Kong to accelerate its integration into and serve the overall national development strategy, and to maximize its own advantages.On March 22, Premier Li Qiang attended the opening ceremony of the China Development Forum Annual Meeting 2026 in Beijing and delivered a keynote speech. Li Qiang stated that Chinas competitive advantages in related industries are not achieved through subsidies or protection, but rather stem from persistent efforts to deepen reforms and promote innovation-driven development. Most importantly, it comes from the hard work and dedication of the Chinese people and enterprises. While we oppose disorderly and irrational cutthroat competition, under market economy conditions, healthy competition can unleash greater development momentum. China will continue to strive to maintain a fair and competitive market order and is willing to strengthen communication and cooperation with all parties to jointly promote the stability and security of global supply chains.On March 22, Premier Li Qiang attended the opening ceremony of the China Development Forum Annual Meeting 2026 in Beijing and delivered a keynote speech. Li Qiang stated that protectionism is not a panacea for problems. We should uphold the spirit of openness and pioneering, expand free trade, and actively promote innovation. Chinas imports and exports are conducted within a rules-based framework of fair trade. China will unswervingly promote high-level opening-up, import more high-quality foreign goods, and work with all parties to promote the optimized and balanced development of trade, jointly expanding the global economic and trade pie.On March 22, Pan Gongsheng, Governor of the Peoples Bank of China, stated at the China Development Forum 2026 that the bank will continue to implement a moderately loose monetary policy. The bank will comprehensively utilize various monetary policy tools, including the reserve requirement ratio, policy interest rates, and open market operations, to maintain ample liquidity.

Gold Prices Approach 16-Month Low Before Rebounding to $1,700

Skylar Williams

Jul 22, 2022 11:29

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During the "Fed-vacuum" week, gold had a larger-than-expected price movement, although it was a decrease rather than a rise.


On January 31, gold futures for August delivery on New York's Comex reached a low of $1,676.80, less than a week before the central bank's announcement about a rate hike in July. It ended the day at $1713.20, an increase of 13.2 points, or 0.8%.


According to dealers, the spot price of bullion, which more precisely represents gold's pricing and demand dynamics than Comex futures, touched a 16-month low of $1,680.96.


Gold bulls have been unable to push the market far higher from its 11-month low of $1,695 on Comex last week, despite Fed officials respecting the customary 10-day speech prohibition before the rate decision on July 27.


The restart of gold's drop on Thursday could not be traced to a single cause. The dollar, which often influences the direction of gold by moving in the opposite way, also sank as the European Central Bank joined other central banks in raising interest rates to battle inflation rather than to prevent a recession.


On Thursday, the Dollar Index, which measures the dollar to six other currencies, hovered below 107 after topping 109 for the first time since December 2002 due to anticipation of rapid Federal Reserve rate hikes.


Others, though, saw the recovery to $1,700 as proof of gold's endurance.


Craig Erlam, an analyst at the online trading platform OANDA, said, "This session has been highly volatile, and gold seems to have recovered in popularity." "The shift may be caused by a hawkish ECB, but the gain in gold much surpasses the decrease in the dollar. We seem to be seeing the inverse of the price movement from late last week. Is the market for gold recovery active?"

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