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A German government spokesperson said regarding Türkiyes detention of a Deutsche Welle journalist: "We are deeply concerned about this incident."February 20th – Amidst the resounding clang of gongs, the Hong Kong Stock Exchange opened its first trading day of the Lunar New Year (Year of the Horse). On the same day, the Hong Kong Gold Exchange also held its Lunar New Year opening ceremony. Hong Kong Financial Secretary Paul Chan Mo-po stated at the opening ceremony that the Hang Seng Index had risen nearly 6,500 points cumulatively during the Lunar New Year (Year of the Snake), an increase of 32%. IPOs (Initial Public Offerings) and subsequent fundraising both performed strongly, significantly improving stock market liquidity and attracting a highly internationalized source of funds. Chan expressed cautious optimism about the market outlook for the Year of the Horse. He believes that while the external environment remains complex and volatile this year, as long as Hong Kong maintains an open and fair market environment, continuously promotes market reforms, strengthens market infrastructure and development, and effectively manages and addresses various risks, the market will surely overcome obstacles and move forward like a galloping horse.February 20th - The Chinese Embassy in Baikal issued a statement on the 20th, local time, stating that in the car accident on Lake Baikal, the vehicle involved carried one Russian driver and eight Chinese tourists; only one Chinese tourist has been rescued so far. Earlier that day, a car fell into Lake Baikal. It is understood that following the incident, local authorities have banned vehicles from driving on the frozen surface of Lake Baikal.On February 20th, Ukrainian President Volodymyr Zelenskyy posted a message on his official social media platform, stating that Ukraine is prepared to make genuine compromises to end the war, but will not accept arrangements at the expense of national independence and sovereignty, nor will it accept an ultimatum from Russia. Zelenskyy stated that Ukraine is willing to discuss a compromise with the United States. He indicated that Ukraine is willing to discuss peace based on the principle of "maintaining the existing position," calling this itself a significant compromise. Zelenskyy further stated that Russias claim of "not occupying other regions" is not a compromise, but an ultimatum.The Norwegian Petroleum Authority reported that Norways preliminary oil production for January was 1.998 million barrels per day. Natural gas production was 11.3 billion cubic meters.

On The Gold Market, The Dollar Reigns Supreme

Skylar Williams

Jan 03, 2023 11:20

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In 2022, gold prices are anticipated to fall for the second consecutive year, as the Federal Reserve's continuous interest rate hikes spurred a dollar surge that endangered the precious metal's standing as a safe-haven asset.


In the following year, the precious metals markets are likely to be influenced by the Federal Reserve's efforts to control inflation. Precious metals had a mixed 2022 because of Russia's invasion of Ukraine, surging inflation, COVID-19 restrictions, and declining development.


At $1,821.50 per ounce as of 19:28 GMT on December 31, 2022, spot gold is anticipated to finish the year 0.4% lower, at $1,812.28 per ounce. As governments around the world closed their borders in the early stages of the Ukraine conflict this past year, bullion came close to surpassing the all-time highs above $2,000 set in 2020.


This year's rise of the U.S. dollar to 20-year highs has reduced demand for gold priced in dollars, which has decreased by $250 since its March peak.


"Given that gold is a zero-yielding asset, the Fed's huge rate hikes in 2022 seriously undermined the precious metal's traditional functions as a safe haven and inflation hedge," said Han Tan, chief market analyst at Exinity.


The U.S. central bank's top officials have made their inflation outlook crystal clear, startling investors who had previously bet on a slower rate-hike trajectory.


Julius Baer noted in its 2023 commodity forecast, "We are confident that the outlook for U.S. monetary policy will continue to drive gold prices."


Silver's current price of $23.87 per ounce is predicted to increase by more than 2% by the end of the year. Citi analysts reported that the possibility of a global recession posed a danger to the industrial demand for silver.


The metal is employed as a safe-haven asset akin to gold as well as by manufacturers of solar panels, automobiles, and technical products.


Platinum and palladium prices soared due to apprehensions of Western sanctions against Russia, the main producer of autocatalysts.


"Assume Russian supplies continue to reach the market and neither Nornickel nor PGMs are subject to restrictions. In addition, Nornickel should complete smelter maintenance to increase output "Heraeus Precious Metals reported.


The platinum price of $1,066.01 per ounce has maintained its gains and is expected to rise by over 10% every year. Despite reaching record highs in March, palladium is down nearly 6% to $1,783.35 in its second consecutive annual loss.

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