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On May 31, a meeting was held in Shanxi Province to deploy a special campaign to address safety risks and hidden dangers in coal mines. The meeting, held on May 30, was attended and addressed by Lu Dongliang, Deputy Secretary of the Provincial Party Committee and Governor of Shanxi Province. The meeting emphasized that the lessons learned must be heeded and the consequences of past mistakes must be absorbed. All levels of government and departments across the province must learn from these cases, be inspired by past mistakes, and remain vigilant regarding safety. They must strengthen their sense of urgency, responsibility, and mission in ensuring safety. The meeting stressed the need to always prioritize the people and their lives, and to thoroughly investigate and address safety risks and hidden dangers in the provinces coal mines with a firm resolve, ensuring the effective implementation of the "eight hard measures" for mine safety. The meeting also emphasized focusing on the coal mines with the most prominent problems and concentrated risks, adopting a "zero-tolerance" attitude to accurately investigate and severely crack down on illegal and irregular activities such as hidden working faces, falsified safety monitoring, unauthorized mining beyond permitted layers or boundaries, illegal subcontracting, and failure to implement major disaster management measures. We must fully cooperate with the State Councils accident investigation to thoroughly investigate the cause of the accident, as well as the responsibilities of local management, industry supervision, and enterprises. We must also focus on rectifying prominent problems such as the weak establishment of the concept of safe development, a lack of awareness of the rule of law, failure to implement the responsibilities of "key personnel," insufficient penetration of safety supervision, and lax and lenient law enforcement inspections at the grassroots level.On May 31, the Colombian Ministry of Foreign Affairs issued a statement on May 30, local time, stating that in response to the Ecuadorian governments earlier announcement that it would stop imposing a "safety tax" on Colombian goods, Colombia would lift its trade retaliatory measures against Ecuador and promote the normalization of bilateral economic and trade relations.May 31 - A Bloomberg survey of economists median forecast indicates that the U.S. unemployment rate will remain unchanged at 4.3% in May, while nonfarm payrolls will increase by 89,000. This increase would push the three-month average job growth rate to its highest level in over a year, sparking discussions about a continued acceleration in hiring. Forecasters expect the healthcare sector to maintain its strong momentum, while cyclical sectors such as construction, leisure, and hospitality will also see a recovery, with demand in these sectors likely benefiting from the warm weather of the past month. Manufacturing employment may also be boosted as consumers stockpile goods in anticipation of potential price increases following a potential conflict with Iran.On May 31, according to Iranian state television, Saeed Ajorlou, a member of Irans Media Committee, stated on Saturday that Tehran had not yet approved the final draft of the proposed agreement with the United States, and warned that Iran might withdraw from the agreement if the US failed to fulfill its commitments. In an interview, Ajorlou said that to his knowledge, as of Friday evening, the final text had not been approved, but the differences between the two sides were minimal. He stated, "If the final text is approved, we will enter a 60-day phase of detailed consultations," adding that each of the 14 articles of the agreement contains annexes that require further negotiation. Ajorlou emphasized that the implementation mechanism is more important than the text itself, especially regarding the acquisition of Iranian assets and the fulfillment of commitments by the other side. He stated that the proposed agreement includes a clause allowing Iran to withdraw from the agreement if the other side fails to fulfill its commitments. He indicated that Iran could withdraw from the agreement if violations occur, including breaches of the ceasefire agreement, failure to grant access to Iranian funds, or failure to lift the naval blockade. He added that if commitments are not fulfilled in the initial phase, Iran will reconsider its participation in the proposed 60-day negotiations.The Indian government stated that the current consumption tax rates for gasoline and diesel consumed domestically will remain unchanged.

Gold Prices Declined After Investors Evaluated Mixed Inflation Data

Skylar Williams

Feb 15, 2023 11:39

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The dollar also exhibited a restrained reaction to the readings, as conflicting inflation statistics for January created some doubt over the U.S. economy and the direction of monetary policy.


After statistics revealed that annualized U.S. consumer inflation fell less than predicted in January, prices of the yellow metal stabilized near one-month lows. Monthly, inflation rose in January compared to the previous month.


While some components of consumer price index inflation were more persistent than anticipated, core inflation fell in January, albeit at a slower rate than anticipated. Nonetheless, the statistics revealed that deflation was not as pervasive as was previously believed, with inflation staying relatively elevated.


Traders were now awaiting the Federal Reserve's reaction to the news, as the central bank has maintained a generally hawkish stance against inflation. However, since inflation remains persistent, the Fed is expected to continue hiking interest rates in the foreseeable future.


At 19:20 E.T., spot gold remained unchanged at $1,854.66 per ounce, while Gold futures declined marginally to $1,867.75 per ounce (00:20 GMT). Both assets were trading barely above their monthly minimums.


The dollar's response to the inflation statistics was moderate, and it declined marginally versus a basket of currencies.


Nevertheless, the likelihood of rising interest rates is unfavorable for gold and other non-yielding assets since it raises the opportunity cost of investing in such assets.


But the yellow metal might profit from greater demand for safe havens this year, as rising interest rates and relatively high inflation enhance the likelihood of a recession in the economy this year. Indicators of corporate activity in the United States already present a bleak image of the world's largest economy.


The possibility of a recession has also increased wagers that the Fed would halt its interest rate rises this year.


Other precious metals likewise remained unchanged on Wednesday. Futures for platinum remained unchanged at $935.75 per ounce, while futures for silver decreased 0.1% to $21.848 per ounce.


Copper prices among industrial metals dropped marginally on Wednesday, but rebounded strongly this week after three consecutive weeks of declines.


Futures for high-grade copper slipped 0.2% to $4.0795 a pound after gaining over 1% the previous session.


This year, the majority of China's anti-COVID prohibitions have been lifted, which has had a significant impact on the price of the red metal. However, economists cautioned that such an increase in imports to the world's top consumer of commodities has yet to materialize.