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On May 28, the General Staff of the Ukrainian Armed Forces announced that Ukrainian troops had attacked the Tuapse oil refinery in Russias Krasnodar Krai. A statement from the General Staff said the attack occurred on the night of May 27. The refinery experienced fire and heavy smoke, and the extent of the damage is being assessed. The Tuapse refinery is one of the largest oil refining enterprises in southern Russia, with an annual refining capacity of approximately 12 million tons.May 28th - More than half of Venezuelans support dollarizing the economy to curb one of the worlds fastest inflation rates. An AtlasIntel survey shows that 31% of respondents support dollarization, while another 26% strongly support the measure. In contrast, those who oppose or strongly oppose it total 30%. According to data from the Venezuelan central bank, the countrys annual consumer price index surged to around 600% in April, up from 475% in December. This hyperinflation has placed a heavy burden on Venezuelans amid a weak job market and low wages. Although Venezuela and the United States have joined forces to try to reopen the economy and attract foreign investment, public confidence and sentiment continue to deteriorate. The survey results show that approximately 79% of respondents considered the economic situation in May to be "bad," an increase of two percentage points from the previous month.Russian Ministry of Defense: Russian troops have established control over Novovasilevka in the Kharkiv region.Futures News, May 28th: 1. Greige Fabric Inventory: On May 28th, greige fabric weaving inventory was approximately 32.4 days. Weaving production enthusiasm is insufficient, and enterprises are inclined to reduce production, thus greige fabric inventory continues to decline. 2. Loom Operating Rate: The market is generally pessimistic about future demand, and coupled with a shortage of best-selling fabrics, the operating rate this week slightly decreased to 59.8%. 3. Greige Fabric/Fabric Trading: According to data monitoring and analysis of feedback from 350 price-collecting units, on May 28th, the Ministry of Commerces China•Shengze Silk and Chemical Fiber Index slightly declined, with the chemical fiber fabric price index closing at 101.36 points, a decrease of 0.05 compared to the previous trading day.XPeng Motors (XPEV.N) shares rose nearly 6% in pre-market trading in the US.

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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