EUR/USD 1.14135
-0.239%
Gold 4113.05
-1.244%
Oil 71.830
4.750%
USD/JPY 162.094
0.009%
GBP/USD 1.33588
-0.230%
GBP/JPY 216.543
-0.219%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The Federal Reserve is considering revising anti-money laundering regulations for banks, requiring them to focus more resources on high-risk clients and business activities. The proposal will be open for public comment for 60 days.On July 8th, according to a statement released by the U.S. Treasury Departments Office of Foreign Assets Control on July 7th, the U.S. revoked a general license authorizing the sale of Iranian oil, allowing related final transactions to continue until midnight Eastern Time on July 17th. International oil prices rose in response. Iran has not yet responded. According to an anonymous U.S. official, initial indications suggest that "Iran recently fired on three merchant ships in the Strait of Hormuz," an action that is "completely unacceptable" and will have consequences. The U.S. official also stated that despite the escalating situation, U.S. negotiators are "still sincerely working towards a final agreement with Iran." U.S. Treasury Secretary Bessenter announced on June 22nd that, as part of the framework for U.S.-Iran negotiations, the U.S. Treasury Department issued a 60-day general license authorizing the production, delivery, and sale of Iranian oil. According to the announcement released that day by the U.S. Treasury Departments Office of Foreign Assets Control, transactions involving the production, delivery, and sale of Iranian crude oil, petrochemicals, and petroleum products, previously prohibited by multiple U.S. executive orders and regulations, have been exempted, with the exemption period ending on August 21, 2026.Iranian Foreign Ministry Spokesperson: Iran urges regional countries, including Qatar, and shipping companies to refrain from any actions that violate the memorandum.Pakistan Airports Authority: A K2 Airlines Boeing 737 cargo flight from Sharjah to Karachi reported a navigation system malfunction at 21:18 local time. There were five crew members on board the K2 Airlines Boeing 737.Research by semiconductor industry organizations, McKinsey, and the National Science Foundation indicates that the chip industry may face a shortage of up to 157,000 jobs by 2030.

Gold Treads Water Pending Additional Fed Hints

Haiden Holmes

Feb 21, 2023 11:27

g3.png


Gold prices hovered slightly around six-week lows on Tuesday, as traders waited for more monetary policy clues from the Federal Reserve's February meeting minutes before placing large wagers.


This week, markets were also anticipating a spate of Fed speakers, as hot U.S. inflation and a robust labor market put the central bank's policies in the spotlight.


Although U.S. markets were closed on Monday for a holiday, trading on gold and other metals has been limited so far this week. The continued demand for the dollar in Asian and European trade capped the price of metal.


At 20:32 ET, spot gold was unchanged at $1,841.59 per ounce, and gold futures were slightly changed at $1,850.25 per ounce (01:32 GMT). Both assets have suffered three consecutive weeks of losses.


Hotter-than-expected The recent gain in gold prices was abruptly halted by the U.S. inflation data as investors sharply reviewed their expectations for interest rate hikes this year.


The Fed has sufficient motivation to continue to raise interest rates due to persistent inflation and indicators of a robust labor market. Wednesday's release of the minutes from the Fed's February meeting is expected to confirm the central bank's hawkish position.


An increase in U.S. Treasury yields and the value of the dollar weighted hard on non-yielding assets such as gold and other metals. With U.S. yields and interest rates expected to grow further in tandem, the near-term picture for gold remained bleak, as Fed officials cautioned that U.S. interest rates could surpass 6% this year.


Gold and other precious metals could profit from safe-haven buying later in the year, particularly if slower economic growth pushes the Federal Reserve to reverse its hawkish strategy.


On Tuesday, prices for other precious metals were modest. Futures for platinum increased 0.2% to $929.40 per ounce, while futures for silver decreased 0.2% to $21.780 per ounce.


Copper prices declined marginally on Tuesday, following a 1.5% increase in the previous session, despite persistent optimism on China's economic rebound.


Futures for high-grade copper dipped 0.1% to $4.1730 per pound.


Monday's decision by the People's Bank to maintain historically low mortgage rates bolstered optimism for a Chinese economic revival. Although the action was widely anticipated, it showed that the administration intended to maintain accommodating policies to stimulate economic growth.

Suggestion