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Market news: NEC, Anthropic, and Japanese financial institutions will collaborate on an artificial intelligence project.Futures Commentary by Everbright Futures: On June 10th, COMEX gold prices plummeted, approaching 4000 points, closing at $4094.1 per ounce, a drop of 4.49%. Domestic SHFE gold opened lower and continued to decline, breaking below 900 points, closing at 892.58 yuan per gram, a drop of 4.11%. 1. On Wednesday evening, data released by the U.S. Department of Labor showed that the U.S. Consumer Price Index (CPI) rose 4.2% year-on-year in May, the largest increase since April 2023, while the core CPI, excluding food and energy, rose 2.9% year-on-year. Although the CPI report suggested that the oil price shock had not yet spread to broader economic sectors, mainly remaining confined to the transportation industry, providing more justification for the Federal Reserve to keep interest rates unchanged until 2027, the market still bet on a Fed rate hike in October after the CPI data release, putting continued pressure on gold prices. 2. Geopolitically, Trumps dissatisfaction with the slow progress of US-Iran negotiations, threatening a "very strong" attack on Iranian infrastructure, has fueled renewed market concerns about a potential escalation of the conflict. This renewed geopolitical tension, coupled with expectations of a Fed rate hike, has dealt a double blow to gold, causing prices to fall rapidly again. However, the unusually weak performance of US stocks may force the Fed to be more cautious in its monetary policy rhetoric. With the Feds interest rate meeting next week, the market anticipates a hawkish stance that could further suppress gold prices. However, its also important to watch for unusual "buy the rumor, sell the fact" volatility in gold prices before and after the meeting.On June 11, in response to the critical issue that my countrys mainstream monitoring equipment and core methods for greenhouse gas monitoring and measurement have long relied on foreign technologies, making it difficult to achieve independent and accurate quality control of carbon emission monitoring data at the national, regional, and industry levels, the State Administration for Market Regulation organized leading domestic scientific and technological forces to carry out key technology research on integrated space-air-ground greenhouse gas concentration monitoring, emission inversion algorithms, and monitoring equipment. They successfully broke through the core technology of high-resolution domestic satellite CO2 and CH4 column concentration and emission inversion, breaking the foreign technological monopoly in the field of mesoscale CO2 flux detection lidar concentration and wind field synchronous detection.The Kuwaiti Civil Aviation Authority announced that flights suspended due to the Iranian attacks have resumed.June 11 – Peakfly Aviation announced today that its V2000CG Kerry-class aircraft has officially received its Validated Type Certificate (VTC) from the Indonesian Civil Aviation Authority (DGCA), becoming the worlds first eVTOL aircraft to receive overseas type approval. As the only eVTOL aircraft of tonnage and above to receive all three airworthiness certificates issued by the Civil Aviation Administration of China (CAAC), the V2000CGs acquisition of the Indonesian VTC indicates that its design meets both the airworthiness standards of its country of origin (China) and the airworthiness requirements of its importing country (Indonesia), providing the prerequisites for the V2000CG to commence commercial operations in the "Land of a Thousand Islands."

Silver is under pressure as the dollar rises to new highs, according to silver price predictions

Daniel Rogers

Jul 12, 2022 14:38

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The U.S. dollar is testing record highs versus a wide basket of currencies while silver is going lower at the start of the week. The main negative trigger for precious metals in recent weeks has been the strengthening dollar. At the beginning of July, the U.S. Dollar Index swiftly passed through the 105 level and tested the 108 level.

 

Treasury rates have decreased from their mid-June highs, but traders' attention has remained on the strong dollar, so this movement was insufficient to boost precious metals.

 

While the U.S. dollar is technically overbought, silver is now trading in oversold territory. While the strong dollar is one issue that puts pressure on the silver markets, it is unclear if silver will be able to recover from present levels.

 

Recession worries have also played a role in the recent swing that sent silver from the $22 level to the $19 level. Silver is sensitive to industrial demand. The U.S. economy is still doing rather well, but there is no doubt that the European economy is about to enter a recession.

 

Markets are concerned that the Fed's rapid rate increases may cause the US economy to contract. The Fed does have an opportunity to plan a "soft landing," though. If the incoming economic data shows that the American economy is slowing, silver will swiftly pick up further bearish momentum and go below the $19 mark.

 

The U.S. Inflation Rate data, which will be announced on Wednesday, should be closely watched by silver dealers. Analysts anticipate that prices rose 8.8% year over year in June.

 

If the news comes in worse than anticipated, silver will take two hits. The price of precious metals will decline as a result of the strengthening of the US dollar. Bond markets will start pricing in more interest rate increases at the same time, which will put extra pressure on precious metals. Silver should have a fair possibility of rising from present levels if the report performs better than expected. Trading may remain choppy until Wednesday since the inflation report may have a big influence on the markets.


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