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On June 28, He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, conducted research in Sichuan Province from June 25 to 28. He Lifeng pointed out the need to strengthen research on key core technologies, accelerate the construction of a modern industrial system, and continuously enhance the driving force of economic development. He stressed the importance of further tapping the potential of foreign trade, fully leveraging the role of the China-Europe Railway Express and the Western Land-Sea New Corridor, better serving the construction of inland open highlands, and promoting high-quality development of foreign trade. He also emphasized the need to coordinate development and security, continuously monitor and effectively prevent and resolve risks in key areas, and effectively safeguard the local economic and financial ecosystem. He Lifeng demanded that relevant departments thoroughly analyze the common situations and practical problems reflected by local governments and enterprises, conduct in-depth analysis to address specific cases and address broader issues, promptly study and reserve relevant policies and measures, and strive to promote sustained and stable economic growth.June 28 – According to the Korea Times, the South Korean presidential office announced on Sunday that Samsung Electronics and SK Hynix will announce major investment plans at a meeting chaired by President Lee Jae-myung on Monday. The investments will be announced at a briefing held at the Blue House at 2 PM KST (1 PM Beijing time) on Monday, which will introduce the governments "three mega-projects" aimed at achieving balanced regional development. A spokesperson added that the plan is jointly promoted by the trade, technology, transportation, and energy sectors. Samsung Electronics Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won will attend the event and participate in discussions with other attendees. Industry observers predict that the two chipmakers will invest more than 1,000 trillion won (approximately US$650 billion) over the next 10 years, potentially including the development of a chip industry cluster in the southwestern Honam region. Lee Jae-myung called the investment a "historic achievement" and a policy move that could change the fate of South Korea on Saturday.EU High Representative for Foreign Affairs and Security Policy Karas: The EU has mobilized €5 million in emergency aid for communities affected by the Venezuelan earthquake.EU High Representative for Foreign Affairs and Security Policy, Karas: (Regarding the Venezuelan earthquake) The EUs Copernicus satellite system is supporting emergency responders.Bahrains Interior Ministry: Some residential buildings were damaged in the Iranian attack, but no deaths were reported.

Gold Steadies Above $1,700, But U.S. CPI Surprise Darkens Outlook

Haiden Holmes

Sep 14, 2022 10:42

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Gold prices held just around $1,700 on Wednesday, remaining under pressure as stronger-than-expected U.S. inflation data foreshadowed potential dollar gains.


Spot gold remained flat at $1,701.87 per ounce at 19:21 EDT, while December gold futures fell 0.3% to $1,712.25 per ounce (23:21 GMT).


Tuesday's decrease in the price of bullion was spurred by news that the U.S. consumer price index rose more than expected in August, bolstering expectations that the Federal Reserve will continue to tighten monetary policy this year. Spot gold briefly exceeded the primary support level for the year, $1,700, for the yellow metal.


If gold prices remain continuously below $1,700, analysts believe that losses will intensify dramatically.


After the announcement of CPI data, the dollar rose, gaining 1.7% on Tuesday and recovering its position near its 20-year highs, exerting more downward pressure on metal prices.


Ahead of the Fed meeting next week, where it is widely predicted that the central bank would raise interest rates by 75 basis points, investors refrained from making major gold trades. Due to sustained inflation, the November meeting of the bank is likely to result in a similar hike.


Wednesday, the dollar's gain weighed on the value of other precious metals. The price of silver decreased 0.9%, while platinum futures decreased 0.2%.


Gold and other precious metals have slumped significantly from their early-year peaks, as investors sought greater yields in the dollar and sovereign debt due to a rapid rise in interest rates.


Copper prices were flat on Wednesday, following a more than 2% decline in the prior session. Its falls were primarily due to the strength of the dollar.


A strike at the world's largest copper mine, Escondida, in Chile has prompted traders to predict a tighter supply of the red metal. As a result, the price of red metal has increased in recent sessions.


However, slowing global economic growth, particularly as interest rates continue to climb, is predicted to lower demand and mitigate supply shortages.

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