EUR/USD 1.17386
0.003%
Gold 4299.39
0.458%
Oil 57.266
-0.824%
USD/JPY 155.873
0.202%
GBP/USD 1.33658
-0.150%
GBP/JPY 208.340
0.053%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
According to EuroPravda, the Czech president stated that the goal of supplying Ukraine with 1.8 million rounds of large-caliber ammunition this year has been achieved.Iranian media reported that 18 crew members of a foreign oil tanker seized in the Gulf of Oman have been detained on suspicion of transporting "smuggled fuel."On December 13th, Han Wenxiu, Deputy Director of the Central Financial and Economic Affairs Commission and Director of the Central Rural Work Leading Group Office, stated that to ensure the success of next years economic work, it is essential to adhere to the principle of seeking progress while maintaining stability, improving quality and efficiency, strengthening counter-cyclical and cross-cyclical adjustments, and effectively enhancing the efficiency of macroeconomic governance. Since the Politburo meeting on September 26th last year, a series of policies and measures have been introduced and implemented, and additional policies will be introduced and implemented next year based on changes in the situation. It is crucial to leverage the integrated effect of existing and new policies to promote steady and positive economic growth. The market economy is largely an expectation economy; therefore, it is necessary to improve the expectation management mechanism, conduct effective economic publicity and public opinion guidance, respond promptly to market concerns, and effectively boost social confidence.On December 13th, it was reported that an EU official stated on the 12th that Ukraines accession to the EU before 2027 is "absolutely impossible." According to reports, a European diplomat said that Ukraines accession to the EU before 2027 is "extremely difficult," and it is unclear whether EU leaders support this plan. Hungarian Prime Minister Viktor Orbán stated on the 8th that the EUs admission of Ukraine would be tantamount to declaring war on Russia, and that the EU is preparing for war with 2030 as the target date.On December 13, Venezuelan President Maduro stated that the United States usual tactics of lying, coercion, extortion, and threats are "completely ineffective" and "will never work" against Venezuela, following the recent seizure of an oil tanker in waters near Venezuela and the announcement of new sanctions.

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

Aria Thomas

Feb 22, 2023 11:57

g2.png


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.

Suggestion