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The Office of the United States Trade Representative announced that Brazilian aircraft and aircraft parts, rare earth elements, pesticides, pharmaceuticals, and fertilizers will be exempt from punitive tariffs.June 2nd - CNN reported on June 1st, citing a regional source familiar with the US-Iran negotiations, that talks have returned to normal. Iranian media had previously reported that negotiations between Iran and the United States had been suspended due to Israels continued attacks on Lebanon. However, US President Trump subsequently stated that he had spoken with Israel and that negotiations with Iran were "moving rapidly."Citigroup reiterated its expectation that the Reserve Bank of Australia will raise interest rates by 25 basis points at its August meeting.On June 2nd, the Beijing Municipal Tax Service announced the official launch of the nations first online tax refund shop for departing tourists in Beijing, along with the simultaneous opening of the first batch of centralized tax refund points for the hotel industry. Overseas tourists can now directly process tax refunds at their hotels after shopping online, further expanding the scope of tax refund services. Liu Li, Director of the Second Tax Branch of the Beijing Municipal Tax Service, State Taxation Administration, stated that the launch of the nations first online tax refund shop expands the tax refund scenario from offline physical stores to online shopping platforms, transforming policy benefits into tangible and accessible tax refund convenience for overseas travelers. Simultaneously, efforts are being accelerated to promote nationwide mutual recognition of "instant refund upon purchase," enabling overseas travelers to truly achieve "tax refunds nationwide even when departing from a different location."Futures News, June 2nd: As of June 1st, the mainstream closing price of benzene in East China was 7670 yuan/ton, up 30 yuan/ton from the previous trading day. Market news was quiet, and trading activity was moderate. The price fluctuation in the East China benzene market was limited throughout the day. Near-month prices remained relatively firm due to slow inventory reduction at major East China ports, while far-month prices remained weak. Maintenance shutdowns at Zhongjin Petrochemical and Hainan Refining & Chemical in early June, coupled with widespread losses among downstream users, dampened purchasing activity and continued to weigh on the market. However, with benzene valuations hitting new lows, cost support has strengthened somewhat. Expectations for a US-Iran agreement have dashed, leading to another surge in European and American crude oil futures. It is expected that benzene prices may rise slightly in the near term, supported by costs.

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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