EUR/USD 1.13766
-0.305%
Gold 4049.30
-1.951%
Oil 91.079
6.040%
USD/JPY 163.854
0.438%
GBP/USD 1.33135
-0.455%
GBP/JPY 218.119
-0.034%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
A senior U.S. official said: These tariff measures are not simply a copy of the tariffs under the International Emergency Economic Powers Act, which were overturned by the U.S. Supreme Court.A senior U.S. official stated that the tariffs will target 60 economies, which account for approximately 99% of U.S. trade. The new tariffs will take effect at 00:01 ET on July 24 (12:01 pm Beijing time on July 24).A senior U.S. official stated that the U.S. has imposed tariffs of 10%-12.5% on several countries. The U.S. has exempted products such as oil, natural gas, fertilizers, and food from tariffs.Foreign central banks held $24.814 billion in U.S. Treasury securities in the week ending July 17, compared with $639 million in the previous week.On July 24th, Intel (INTC.O) released a surprisingly strong revenue guidance, indicating that surging data center spending is helping the chipmaker achieve its long-awaited recovery. The company stated that it expects third-quarter sales to reach $15.8 billion to $16.8 billion. Even the lower end of that range easily exceeds the average analyst estimate of $15.1 billion. This guidance highlights Intels growth momentum among data center customers who are in dire need of chips to meet the demands of artificial intelligence computing. Last quarter, sales in this area surged 59%, more than double the growth rate of Intels overall revenue. Following the earnings release, Intels stock price rose 13% in late trading. Furthermore, Intels second-quarter revenue reached $16.13 billion, also exceeding market expectations of $14.43 billion.

Gold and copper hardly change in response to economic worries

Aria Thomas

Sep 28, 2022 10:49

19.png


Wednesday gold and copper prices were relatively unchanged as the dollar stayed near 20-year highs due to fears of an economic slowdown.


At 19:39 EDT, spot gold was $1,628.67 per ounce, while gold futures were $1,639.0 per ounce (23:39 GMT). On Tuesday, both surged momentarily as the dollar slid from 20-year highs, alleviating the pressure on gold.


Continuing stock market declines and fears of a recession pushed funds back into the currency. This year, rising interest rates and the Fed's aggressive stance have made the dollar a safer refuge than gold.


In 2022, during the Russia-Ukraine conflict, the price of gold plummeted by 27 percent. Prices have breached two important support levels, and additional declines are anticipated.


The dominance of the U.S. dollar has harmed commodities, particularly gold. ING analysts found that higher rates raise the opportunity cost of owning gold.


The bank expects gold to end the year near $1,650 per ounce, with significant respite coming when the Fed modifies its hawkish stance.


Copper prices remained elevated as traders anticipated a near-term fall in demand.


Copper futures prices dropped to $3.2920 per pound.


Copper prices have declined this year due to concerns that a recession will diminish industrial demand and activity.


Investors are concerned about weakening economic statistics from China, the world's largest copper importer, and slow industrial activity in Europe and the United States.


The Chinese manufacturing data released on Friday is expected to reveal a further decline.

Suggestion