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On July 12, He Xiaopeng, chairman of Xpeng Motors, posted on social media: "After nearly a month of internal discussions, Xpeng has formulated relevant steps for account period adjustment and execution, and has recently begun to move forward. We hope to move forward and change steadily step by step, and together with many partners, use our meager strength to promote the common progress and healthy development of the industry."On July 12, the Tianzhou-9 cargo spacecraft and the Long March 7 Yao-10 carrier rocket combination were vertically transferred to the launch area and are scheduled to be launched at an appropriate time in the near future.July 12, there was a report about "Lei Jun talks about car manufacturing: the most difficult part is making wheels". Xiaomi PR General Manager Wang Hua said: "I have seen several articles or similar videos in the past two days, which extracted the video of Lei Juns interview with Li Xiang in April 2024, cut off the beginning and the end, and took out the middle part that took wheel design as an example to spread it separately, and after taking it out of context, it became Lei Jun talking about the most difficult part of car manufacturing is making wheels."According to a report released by the Indonesian Meteorological, Climate and Geophysical Agency on July 12, at 7:11 a.m. local time on July 12, a 5.3-magnitude earthquake occurred in the sea 297 kilometers southwest of South Nias County, North Sumatra Province, Indonesia. The epicenter was located at 1.62 degrees south latitude and 96.28 degrees east longitude, with a focal depth of 61 kilometers. No tsunami risk is expected.On July 12, "Federal Reserve mouthpiece" Nick Timiraos said on social media that when people ask me about various online rumors, my first reaction is to ignore it. But for those who are really curious about whether the Federal Reserve Chairman will break his oft-repeated promise (that is, to complete his term as Chairman, which currently has only 10 months left), I will recall how Powell answered the question about "jumping on the lifeboat" six years ago. The reason I included his answer in my book is that it is the most resolute statement: "Under no circumstances will I voluntarily leave this job before the end of my term. Absolutely not. You wont see me jumping on a lifeboat. I simply cant imagine any situation in which I wont be able to complete my term, unless I die."

Prior to U.S. Inflation and Fed Minutes, Gold Held Below $1,700

Skylar Williams

Oct 12, 2022 11:42

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In anticipation of this week's crucial U.S. inflation statistics and the minutes from the Federal Reserve's September meeting, investors avoided placing major wagers on gold prices on Wednesday.


As of 19:29 EDT, spot gold fell 0.1% to $1,664.82 per ounce, while gold futures fell $2 to $1,674.45 per ounce (23:29 GMT). After a sharp fall to begin the week, neither instrument moved significantly on Tuesday.


As the dollar has strengthened and the Federal Reserve has put out more hawkish signals, gold prices have slipped back below the crucial support level of $1,700. The minutes from the Federal Reserve's September meeting, expected later in the day, are also expected to bolster the Fed's stance, given that the central bank raised interest rates by 75 basis points and warned that it was willing to risk some economic headwinds from higher rates in order to control inflation.


This week, the U.S. inflation report for September is also a big focus for metal markets. On Wednesday afternoon, producer price inflation data is anticipated to indicate that manufacturers continued to confront price headwinds last month.


The most frequently studied inflation indicator, consumer price inflation, is expected to show that inflation remained near 40-year highs last month when it is reported on Thursday. Together with last week's impressive employment report, these figures are expected to give the Fed with adequate reason to continue hiking interest rates rapidly.


Rising global interest rates have increased the opportunity cost of holding the yellow metal, which has resulted in a decline in gold prices this year. This trend is projected to persist so long as inflation remains elevated.


This year, the dwindling demand for bullion stripped it of its role as a safe-haven, with the dollar generally outperforming gold and other precious metals.


Among industrial metals, copper prices stayed basically constant around $3.4227 per pound. As Chinese markets resumed trading following an extended hiatus, the price of the precious metal increased.


As a result of the recurrence of COVID incidents in China, markets are becoming increasingly wary of any new lockdown measures that could potentially reduce demand. In addition, the Communist Party's 20th National Congress this week will focus on the introduction of any significant stimulus measures.


Friday's Chinese inflation and trade data will provide additional evidence of a possible economic recovery.

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