EUR/USD 1.15312
-0.158%
Gold 3438.57
0.184%
Oil 72.008
0.792%
USD/JPY 144.378
0.310%
GBP/USD 1.35440
-0.192%
GBP/JPY 195.551
0.117%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Market news: Irans missile attack caused the rupture of an oil pipeline in Tel Aviv, Israel.On June 16, CICC published a report, raising the target price of X.D. Inc. (02400.HK) by 51% to HK$55.5, with an investment rating of "outperforming the industry". CICC said that considering the outstanding overseas performance of "Isher" and "RO", the net profit attributable to the parent company in 2025/26 was raised by 21% to RMB 992 million/1.075 billion. The current share price corresponds to a 2025/26 P/E ratio of 19/17 times.On June 16, CICC published a report, adjusting Chow Tai Fooks (01929.HK) target price by 31% to HK$14.92, with an investment rating of "outperforming the industry". CICC pointed out that looking forward to the 2026 fiscal year, Chow Tai Fooks revenue guidance will achieve a low-to-mid-single-digit annual growth, and the gross profit margin may decrease by about 0.8-1.2 percentage points year-on-year due to the reduced contribution of gold price increases, but under continued cost control, the operating profit margin is expected to decrease by 0.6-1 percentage points year-on-year. Considering the companys continued operational improvement, CICC raised Chow Tai Fooks 2026/27 earnings per share forecast by 9%/9% to HK$0.83/0.91, and the current share price corresponds to 15/14 times the 2026/27 fiscal year price-earnings ratio.According to White House officials: US President Trump will hold bilateral talks with Mexican President Sheinbaum and Ukrainian President Zelensky during the G7 summit.On June 16, in the first quarter of 2025, the market supervision department organized special actions such as intellectual property law enforcement to further strengthen the governance of key areas, key commodities, and key markets, actively play the deterrent role of administrative law enforcement, effectively protect the legitimate rights and interests of right holders and consumers, maintain the market economic order, and create a good business environment. In the first quarter, various special actions investigated and dealt with nearly 113,000 related cases, including 8,000 cases of trademark infringement and counterfeit patents, and carried out about 16,000 law enforcement actions against key physical markets with high incidence of infringement and counterfeiting.

Dollar Growth And Fed Hawkishness Are Pressuring Gold Prices

Aria Thomas

Feb 23, 2023 11:45

107.png


Gold prices moved little on Thursday, but were down for the week as the dollar reached a six-week high on concerns of a hawkish Federal Reserve. Investors are now focusing on impending economic data for additional clues on the U.S. economy and monetary policy.


Later in the day, a revised estimate of U.S. GDP for the fourth quarter will be released, with any sustained evidence of resilience in the economy giving the Fed more room to continue raising interest rates. This notion was strengthened this week by readings on business activity that exceeded expectations.


Friday will also see the release of the Personal Consumption Expenditures price index for January, which is anticipated to confirm that inflation remained persistent throughout the month. In addition, the reading is likely to increase the Fed's calls for sharper interest rate increases in the future months.


At 19:07 E.T., spot gold was unchanged at $1,824.76 per ounce, while gold futures declined 0.1% to $1,832.85 per ounce (00:07 GMT). Both assets were down approximately 0.4% thus far this week.


Wednesday's publication of the minutes from the Federal Reserve's February meeting revealed that the majority of monetary policy committee members supported raising interest rates for an extended period of time this year. However, their proposals for a 25 basis point increase were deemed obsolete after data released after the Fed's meeting revealed that inflation remained much more persistent than anticipated.


Nonetheless, the dollar reached a six-week high versus a basket of currencies. The opportunity cost of holding non-yielding assets such as gold and other precious metals increases as interest rates rise.


This week will also bring inflation data from the Eurozone and Japan, which are expected to indicate that global price pressures remain elevated, likely resulting in tightening monetary conditions.


On Thursday, other precious metals were trading lower. Futures for silver fell 0.6% to $21.530 per ounce, while futures for platinum fell 0.1% to $950.80 per ounce.


High-grade copper futures were muted at $4.1790 per pound on Thursday, after falling 1.1% on Wednesday.


In spite of this, prices of the crimson metal have increased by nearly 2% so far this week, due to evidence of resilience in U.S. economic activity and optimism regarding China's recovery.


Suggestion