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On August 26, Hong Kong Chief Executive John Lee met with Peking University Party Secretary He Guangcai to exchange views on promoting cooperation between Hong Kong and the Mainland in higher education, cultivating international talent, and strengthening scientific research collaboration. Lee stated that the Hong Kong SAR government is accelerating the development of the Northern Metropolitan Area and has reserved ample land for the planning of a university town. Through quality improvement and expansion, the government aims to enhance higher education, scientific research and innovation, and talent training facilities to attract more high-level international talent to Hong Kong. During the meeting, both sides exchanged views on the development model of the Northern Metropolitan University Town. Lee was greatly encouraged by Peking Universitys strong support for deepening cooperation between Beijing and Hong Kong in higher education. He pointed out that he looks forward to Peking University and Hong Kong universities continuing to deepen cooperation through the Beijing-Hong Kong University Alliance, further promoting complementary advantages between the two universities, and cultivating more globally competitive high-level talent for the country and Hong Kong.On August 26, Foreign Ministry Spokesperson Lin Jian held a regular press conference. It was reported that China announced President Xi Jinpings attendance at the 2026 Shanghai Cooperation Organisation (SCO) Summit. What message does China hope to convey through its attendance at the summit? Lin Jian stated that during this years Bishkek Summit, President Xi Jinping will exchange in-depth views with leaders of participating countries on deepening cooperation in various fields within the SCO under the new circumstances, as well as on major international and regional issues. He will also make plans and arrangements for guiding the SCOs high-quality development and participating in the reform and construction of the global governance system. China is willing to work with all parties to further consolidate consensus at the Bishkek Summit, jointly write a new chapter of cooperation, and make positive contributions to promoting the security, stability, development, and revitalization of countries in the region and building a community with a shared future for mankind.The chart shows that at 22:00 Beijing time on August 26, there will be large foreign exchange options contracts for Euro, Japanese Yen, British Pound, and Australian Dollar expiring, including 6 contracts with strike prices exceeding 1 billion. Please manage your risks.According to the latest data from the Fujairah Oil Industrial Zone in the UAE, as of the week ending August 24, total refined product inventories at the port of Fujairah were 6.359 million barrels, a decrease of 1.393 million barrels from the previous week. Specifically, light distillate inventories increased by 310,000 barrels to 1.241 million barrels; middle distillate inventories decreased by 7,000 barrels to 1.464 million barrels; and heavy distillate and residual fuel oil inventories decreased by 1.696 million barrels to 3.654 million barrels.On August 26, Foreign Ministry Spokesperson Lin Jian held a regular press conference. Canada retaliated against the US tariffs by imposing a 50% tariff on dairy products and steel. How does the Foreign Ministry view the actions of Canada and other countries in response to Trumps tariff war? Lin Jian stated that China consistently advocates that all parties resolve their respective economic and trade concerns through equal dialogue and consultation.

Gold and Precious Metals Rise as Dollar Rally Fails to Continue

Skylar Williams

Aug 05, 2022 11:02

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As the U.S. dollar's upward trend began to level out on Thursday, the price of gold and most other precious metals rose.


At 20:56 EST (0057 GMT), the current price of gold was $1,767.41 per ounce, an increase of 0.1 percent. The price of gold futures increased by 0.4% to $1,783.60 per ounce.


Platinum futures gained by 0.1%, while silver futures jumped by 0.6% after falling by 1.0% over the previous two days.


Following a two-day surge, the U.S. dollar dropped, causing precious metals prices to rise. In the past two days, the dollar index has risen around 1 percent, as hawkish comments from two Federal Reserve officials have fueled expectations for more rapid interest rate increases this year.


Mary Daly, president of the Federal Reserve Bank of San Francisco, and Charles Evans, president of the Federal Reserve Bank of Chicago, both opined that inflation is elevated and that the Federal Reserve will likely increase interest rates further to combat rising prices.


Additionally, a potential improvement in U.S.-China ties fueled demand for the dollar as a safe-haven asset.


The U.S. Dollar Index declined by 0.1 percent during Asian trade on Thursday. Futures for the U.S. Dollar Index fell within a comparable range.


Despite the fact that gold appears to have recovered some ground over the past two weeks, the yellow metal's outlook for this year remains bleak due to the possibility of rising interest rates. As the Federal Reserve continues to tighten monetary policy, it is projected that the prices of the vast majority of other precious metals will also undergo muted fluctuations.


On the industrial metals market, copper futures decreased 0.2% to $3.4710 a pound. Futures for Zinc declined by 0.8% while futures for Nickel climbed marginally.


Copper prices dropped significantly this week as a result of a string of poor manufacturing PMIs from across the world. This pattern of poor manufacturing statistics is projected to weigh on industrial metals in the coming months.

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