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South Koreas LG Electronics and Samsung are suing the Indian government over e-waste pricing rules, documents show.Intercontinental Exchange (ICE): As of the week ending April 15, the speculative net short position in gasoline decreased by 1,961 contracts to -35,708 contracts.April 21, people familiar with the matter said that despite the uncertainty caused by US tariffs, Bank of Japan officials do not see the need to change their existing stance of gradual interest rate hikes at this time. People familiar with the matter said that Bank of Japan officials believe that Trumps tariff actions and retaliatory actions against the United States may weaken Japans economy and may delay the progress of the central banks price target. But for now, their overall economic forecasts remain largely unchanged as they wait for more data to analyze the impact of US tariffs. Given the various possible economic scenarios, officials view is that it is too early to incorporate these scenarios into the basic forecast and make major changes to the central banks policy stance, people familiar with the matter said. The Bank of Japan may also consider lowering its inflation expectations in the quarterly economic report released at the end of the policy meeting, people familiar with the matter said. This change would come from a stronger yen, lower oil prices and possible economic weakness. They said the Bank of Japans first core inflation forecast for fiscal 2027 is likely to be around 2%.On April 21, people familiar with the matter said that despite the uncertainty caused by US tariffs, Bank of Japan officials do not see the need to change their existing stance of gradual interest rate hikes at this time. People familiar with the matter said that Bank of Japan officials believe that the Trump administrations tariff actions and retaliatory actions against the United States may weaken Japans economy and may delay the progress of the central banks price target. But the people familiar with the matter added that for now, their overall economic forecasts remain largely unchanged because more data is needed to analyze the impact of US tariffs. Given the various possible scenarios for the economy, officials view is that it is too early to incorporate these scenarios into the basic forecast and make major changes to the central banks policy stance, the above-mentioned people familiar with the matter said.Sources: India wants to impose a 12% temporary tariff or safeguard duty on imported steel "as soon as possible".

Gold Prices Are at A 6-week Low as The FOMC Minutes Approach

Aria Thomas

Feb 22, 2023 11:57

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Gold prices stayed just above a six-week low on Wednesday, as markets remained cautious ahead of the release of the minutes from the Federal Reserve's February meeting and stronger-than-anticipated U.S. economic data bolstered the dollar.


In the wake of stronger-than-anticipated January inflation figures, bullion prices traded within a narrow band throughout the week. Along with indicators of resilience in the U.S. economy, they provide the Fed with sufficient space to continue rising interest rates.


At 19:13 E.T., spot gold was unchanged at $1,835.83 per ounce, while gold futures increased 0.1% to $1,845.70 per ounce (00:13 GMT). It is widely anticipated that the Fed's aggressive tone would be reaffirmed in the minutes due later in the day.


This week, the Fed's favored inflation indicator, the Personal Consumption Expenditures price index, will be released on Thursday. It is anticipated that the index stayed quite high in January.


Increasing interest rates are unfavorable for non-yielding assets such as gold and other precious metals because they boost the dollar and Treasury yields and the opportunity cost of owning gold.


The U.S. PMIs for February were also better than anticipated, according to statistics released on Tuesday. Any evidence of resilience in the U.S. economy offers the Fed greater room to continue raising interest rates, as the bank has said it would do in the near future.


But, fears about a potential U.S. economic downturn continued, especially in light of Tuesday's statistics showing a weakening housing market.


Other precious metals maintained a narrow trading range on Wednesday. Futures for platinum increased 0.1% to $945.95 per ounce, while futures for silver increased marginally to $21.900 per ounce.


Copper futures rose substantially on Tuesday as a result of the U.S. PMIs that were stronger than anticipated.


On Wednesday, high-grade copper futures stayed near a three-week high of $4.2170 per pound, following a 0.8% increase in the previous session.


The red metal was also boosted by confidence over China's economic rebound, particularly after the country maintained record-low interest rates this week.

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