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Hyundai Motor: The rollout of software-defined vehicles is not expected to be further delayed.On August 26th, it was reported that in July, total electricity consumption in China exceeded 1 trillion kilowatt-hours again, with electricity consumption for internet data services increasing by 40% year-on-year. Computing power is becoming a significant source of new electricity consumption. In August, the peak electricity load of a smart computing center in Changshu, Jiangsu Province, increased by over 70% compared to the same period last year. The peak electricity load of the computing power industry reached 200,000 kilowatts, accounting for approximately 4.1% of the citys total electricity load. The State Grid Changshu Power Supply Company stated that the computing power industry contributed nearly half of the citys increased electricity load, accounting for approximately 49%, reflecting that computing power load is gradually replacing seasonal air conditioning load as the core driver of electricity consumption growth this summer. In July, the electricity consumption of 106 computing power centers in Jiangsu Province exceeded 1.3 billion kilowatt-hours, a year-on-year increase of 31%, with supercomputing and smart computing centers accounting for over 80% of the total.The Bank of Thailand: The Monetary Policy Committee unanimously voted to keep interest rates unchanged.Dubai International Airport (DISA) reported on August 26 that passenger traffic fell by nearly a third in the first half of the year due to disruptions caused by the war in Iran, but expects demand to recover in the second half. DISA stated that passenger traffic reached 13 million in the second quarter, bringing the total for the first half of the year to 31.5 million. Despite a rebound in traffic in May and June, first-half traffic was still 31% lower than the record level set in the same period last year. The war in Iran has led to a global readjustment of air routes, repeatedly disrupting DISA. In May, the airport announced it had postponed its target of 100 million annual passengers by one year due to the significant drop in passenger traffic. Major Middle Eastern airlines Emirates, Qatar Airways, and Etihad Airways have all reduced operations and adjusted their international route networks to accommodate increased travel demand during the war. Several European airlines have also suspended flights to multiple destinations in the region and avoided the airspace of several Gulf states.August 26th - According to the Guangdong Branch of the General Administration of Customs, in the first seven months of this year, the import and export volume of comprehensive bonded zones (including cross-border industrial zones and bonded areas) in Guangdong Province reached 1.05 trillion yuan, a year-on-year increase of 32.3%, setting a new record for the same period in history and surpassing the trillion-yuan mark two months earlier than last year. While Guangdongs foreign trade has exceeded one trillion yuan for two consecutive months, the provinces comprehensive bonded zones continue to play a driving role, contributing 23.3% to Guangdongs foreign trade growth in the first seven months of this year.

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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