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The Federal Reserve accepted a total of $142.272 billion from 31 counterparties in fixed-rate reverse repurchase operations.On May 10, local time on May 9, Mexican President Seinbaum announced that the country has officially sued Google for changing the name of the "Gulf of Mexico" to the "Gulf of the United States" in the Google Maps service for American users. Seinbaum said that the lawsuit documents have been submitted, but did not disclose the specific court institution and time node. On January 20 this year, US President Trump signed an executive order to change the name of the "Gulf of Mexico" to the "Gulf of the United States". Mexican President Seinbaum responded and expressed his opposition, saying that the name "Gulf of Mexico" has long been recognized by the United Nations.Baker Hughes Oilfield Services: The number of U.S. oil rigs has fallen to its lowest level since January this year. The number of oil/gas rigs has fallen to its lowest level since January this year.Baker Hughes Oilfield Services: U.S. drillers cut the number of oil and gas rigs for the second consecutive week.The total number of natural gas drilling rigs in the United States as of the week ending May 9 was 101, the same as the previous week.

Gold Prices Are at A 6-week Low as The FOMC Minutes Approach

Aria Thomas

Feb 22, 2023 11:57

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Gold prices stayed just above a six-week low on Wednesday, as markets remained cautious ahead of the release of the minutes from the Federal Reserve's February meeting and stronger-than-anticipated U.S. economic data bolstered the dollar.


In the wake of stronger-than-anticipated January inflation figures, bullion prices traded within a narrow band throughout the week. Along with indicators of resilience in the U.S. economy, they provide the Fed with sufficient space to continue rising interest rates.


At 19:13 E.T., spot gold was unchanged at $1,835.83 per ounce, while gold futures increased 0.1% to $1,845.70 per ounce (00:13 GMT). It is widely anticipated that the Fed's aggressive tone would be reaffirmed in the minutes due later in the day.


This week, the Fed's favored inflation indicator, the Personal Consumption Expenditures price index, will be released on Thursday. It is anticipated that the index stayed quite high in January.


Increasing interest rates are unfavorable for non-yielding assets such as gold and other precious metals because they boost the dollar and Treasury yields and the opportunity cost of owning gold.


The U.S. PMIs for February were also better than anticipated, according to statistics released on Tuesday. Any evidence of resilience in the U.S. economy offers the Fed greater room to continue raising interest rates, as the bank has said it would do in the near future.


But, fears about a potential U.S. economic downturn continued, especially in light of Tuesday's statistics showing a weakening housing market.


Other precious metals maintained a narrow trading range on Wednesday. Futures for platinum increased 0.1% to $945.95 per ounce, while futures for silver increased marginally to $21.900 per ounce.


Copper futures rose substantially on Tuesday as a result of the U.S. PMIs that were stronger than anticipated.


On Wednesday, high-grade copper futures stayed near a three-week high of $4.2170 per pound, following a 0.8% increase in the previous session.


The red metal was also boosted by confidence over China's economic rebound, particularly after the country maintained record-low interest rates this week.

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