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On February 22, the Afghan Ministry of Defense issued a statement saying that Pakistan had once again violated Afghan territory, launching airstrikes on multiple civilian areas in Nangarhar and Paktika provinces. The attacks resulted in dozens of civilian casualties, including women and children. The Ministry of Defense strongly condemned Pakistans blatant violation of Afghan territorial sovereignty, considering it a serious breach of international law and the principle of good neighborliness. The Ministry warned that it would respond appropriately and carefully at the right time.February 22nd - According to data from the Hong Kong-Zhuhai-Macau Bridge Border Inspection Station of the Zhuhai Border Inspection General Station, since February 15th (the 28th day of the twelfth lunar month), as of February 21st (the fifth day of the first lunar month), the number of Hong Kong and Macau single-license plate vehicles entering and exiting through the Zhuhai Port of the Hong Kong-Zhuhai-Macau Bridge has exceeded 100,000, reaching 114,000. On February 21st (the fifth day of the first lunar month), the number of Hong Kong and Macau single-license plate vehicles inspected by the border inspection department exceeded 20,000 for the first time in a single day, setting a new historical high since the implementation of the "Macau vehicles traveling north" and "Hong Kong vehicles traveling north" policies.February 22 – Ahmed Altom, Director General of the Geological Research Authority of Sudan, stated on February 21 that the armed conflict in Sudan has caused approximately $7 billion in economic losses to the countrys mining industry. Altom said that the conflict has severely damaged Sudans mining infrastructure, reducing government-led mining activities from 18 states to 6. Geological surveys, exploration operations, and mining production have all been significantly affected, resulting in a sharp decline in related fiscal revenue.On February 22, US President Trump approved emergency aid to Washington, D.C., to address the aftermath of a leak that released at least 250 million gallons (approximately 940 million liters) of untreated sewage into the Potomac River. On January 19, a decades-old sewage pipe in Maryland ruptured, causing over 900 million liters of wastewater to flow into the Potomac River. This river flows west of Washington, D.C., and is a major source of drinking water for the capital region. The incident became one of the largest sewage spills in U.S. history. On February 18, Washington, D.C. Mayor Muriel Bowser declared a state of emergency and requested federal resources from President Trump to help the city deal with the sewage system leak.February 22nd - NIOs official Weibo account announced that on February 21st, 2026 (the fifth day of the Lunar New Year), NIOs battery swap service reached a record high of 175,976 transactions. This marks the fourth consecutive day of record-breaking performance since the start of the Year of the Horse.

Backwardation Gold Futures Anticipate Weekly Gains From A Less Aggressive Fed

Haiden Holmes

Nov 25, 2022 14:46

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Gold prices entered backwardation on Friday and were poised for moderate gains this week, as optimism on the potential of slower rate hikes by the U.S. Federal Reserve outweighed weakening economic indicators.


Gold spot prices were higher than futures prices, a phenomenon known as backwardation, indicating that future demand for the yellow metal may grow.


As of 19:40 EST, spot gold slipped 0.1% to $1,753.20 per ounce, while December gold futures fell 0.1% to $1,753.75 per ounce (00:40 GMT). This week, it was anticipated that both assets would grow by 0.3%.


The U.S. holiday on Thursday supplied metal markets with few trade signals, and trading volumes remained low. The publication of the minutes from the Federal Reserve's November meeting boosted prices this week.


Several members of the central bank judged it appropriate to delay the rate of interest rate increases in order to evaluate the economic effects of a big increase in interest rates this year, as stated in the minutes. This means that pressure on metal prices may ease in the near future.


However, interest rates in the United States remain at levels not seen since the 2008 financial crisis and are predicted to reach far higher peaks.


In the next few months, gold may benefit from increased demand for safe-haven assets, particularly if the dollar continues to weaken and global economic conditions deteriorate. This week's release of PMI data from Japan and the United States, along with China's record-high daily COVID-19 infection rate, painted a grim picture of the world's two largest economies.


As a result of dovish Fed signals, bets were placed that U.S. inflation and the Fed's rate hike pace had reached their apex for the year. A plunging greenback helped bolster global metal markets.


On Friday, silver futures rose 0.3% and were anticipated to gain 2% this week, whilst platinum futures decreased 0.2% and were anticipated to gain 1% this week.


Due to negative signals emanating from the world's top importer, China, copper prices were anticipated to end the week essentially unchanged.


Copper futures rose 0.2% to $3,6360 a pound and were anticipated to end the week 0.1% higher.


This week, China imposed movement restrictions in a number of key cities, as the country faces its largest COVID-19 epidemic to date with daily infection rates that have never been seen before.


This year, COVID-related interruptions have slowed Chinese economic development, which has had a severe impact on metal demand in the world's largest copper importer.


Despite signals of a tighter supply, the picture for copper remains dismal because growth is anticipated to decline even further as a result of the current epidemic.

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