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On April 26, according to the Wall Street Journal, in order to simplify the negotiations on reciprocal tariffs, US negotiating officials plan to use a new framework developed by the Office of the United States Trade Representative (USTR), which lists major categories of negotiations, such as tariffs and quotas, non-tariff trade barriers, digital trade, product origin principles, economic security and other commercial issues. In these categories, US officials will put forward specific requirements for individual countries, but people familiar with the matter emphasized that this document may also be adjusted at any time. People familiar with the matter said that the United States initial plan is to negotiate with 18 major trading partners in turn over the next two months. The initial plan is to alternately participate in the talks with six countries per week for three weeks (six countries in the first week, another six countries in the second week, and another six countries in the third week) until the deadline of July 8. If US President Trump does not extend the 90-day suspension period he set by then, those countries that cannot reach an agreement will begin to face reciprocal tariffs.On April 26, after the United States announced additional tariffs on goods from many countries, Peruvian business people expressed concerns that the US governments extreme measures would disrupt the global trade order and may even trigger a global economic recession. Alvaro Barrenechea Chavez, vice president of the Peruvian-Chinese Chamber of Commerce, said that the negative impact of the US tariff policy has begun to emerge and hoped that the US government would rethink. Recognizing the importance of countries working together to promote development, I think this is the best way to become a true "world citizen."Market news: Musks xAI company plans to raise about US$20 billion in a financing round.Conflict situation: 1. Ukrainian top commander: Russia tried to use air strikes as a cover to increase ground attacks, but was repelled by Ukraine. 2. Ukrainian Air Force: Russia launched more than 103 drones in the night attack on Ukraine. 3. Local officials said Ukraine launched an attack in the Belgorod region of Russia, killing two people. 4. The local governor said that Russia launched an attack on the Dnipropetrovsk region of Ukraine, killing one person and injuring eight people. Peace talks: 1. Trump: ① The situation between Russia and Ukraine is gradually becoming clear, and they are "very close" to reaching an agreement. ② Ukraine is unlikely to join NATO. ③ Ukraine has not yet signed the rare earth agreement and hopes that the agreement can be signed immediately. ④ It is foreseeable that the United States will conduct commercial cooperation with Ukraine and Russia after reaching an agreement. 2. Russian Foreign Minister: Russia is "ready to reach an agreement on Ukraine." 3. Russian Presidential Assistant Ushakov: Russia and the United States will continue to maintain active dialogue. 4. Russian Presidential Assistant: Putin discussed the possibility of resuming direct negotiations between Russia and Ukraine with the US envoy. 5. The differences between the United States, Europe and Ukraine are clear. The documents show that European countries and Ukraine have raised objections to some of the US proposals to end the Russia-Ukraine conflict. 6. Market news: As part of the peace agreement, the United States asked Russian President Putin to abandon the demilitarization requirement. Other situations: 1. President of Hungarys OTP Bank: We hope to return to all business areas in Russia after the (Russia-Ukraine) conflict ends. 2. Ukrainian President Zelensky: US ground forces are not necessary for Ukraine. 3. Trump said Crimea will remain in Russia, Zelensky: Never recognize it. Agreeing with Trumps view, Crimea cannot be recovered by force. 4. NATO Secretary-General Rutte met with Trump and senior US officials to discuss defense spending, NATO summit, and the Ukrainian conflict.Rising global trade risks, overall policy uncertainty and the sustainability of U.S. debt top the list of potential risks to the U.S. financial system, according to the Federal Reserves latest financial stability report released on Friday. This is the first time the Fed has conducted a semi-annual survey on financial risks since Trump returned to the White House. 73% of respondents said that global trade risks are their biggest concern, more than double the proportion reported in November. Half of the respondents believe that overall policy uncertainty is the most worrying issue, an increase from the same period last year. The survey also found that issues related to recent market turmoil have received more attention, with 27% of respondents worried about the functioning of the U.S. Treasury market, up from 17% last fall. Foreign withdrawals from U.S. assets and the value of the dollar have also risen on the list of concerns.

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.