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On September 19th, Wang Qingxian, Governor of Anhui Province, met separately with a delegation led by Jack Perry, Chairman of the 48 Group, and Carlos Maglinos, Global Chairman of the Global Alliance of Small and Medium Enterprises, who were in Anhui to attend the 2026 World Manufacturing Convention. Wang Qingxian stated that, relying on its strong industrial foundation and innovative accumulation, Anhui is focusing on comprehensive opening-up, with a focus on industrial openness. Anhui manufacturing is deeply integrated into the international division of labor and serving the global market. He expressed hope to establish a regular communication and exchange mechanism to strengthen complementary advantages and resource integration, jointly expand cooperation in the industrial and supply chains, and contribute to the high-quality development of global manufacturing.On September 19, local time, U.S. Central Command Commander Brad Cooper released a video announcing updates on shipping through the Strait of Hormuz and U.S. military operations in the region. Cooper stated that the main shipping lanes of the Strait of Hormuz have been cleared of mines, and thousands of ships have passed through. More than 1 billion barrels of crude oil have been shipped out of the Strait of Hormuz by Gulf partners. He also stated that in the past two weeks, the volume of crude oil, cargo, and liquefied natural gas transported through the region has reached its highest level in the past six months. Cooper further stated that under the U.S. blockade, Iran has exported zero crude oil through the relevant shipping routes.September 19th - Tensions between Yemen and Saudi Arabia escalated. On the 19th, Riyadh, the Saudi capital, issued its first-ever air raid sirens. British media revealed that Saudi Arabias interceptor missiles are running low. Saudi Arabia is seeking air defense assistance from its allies. The Associated Press, citing local officials, reported that Saudi Arabia has contacted France, Britain, Pakistan, and Egypt, requesting air defense support. However, apart from Pakistan, its allies have offered more sympathy than military support. In fact, Saudi Arabias largest ally and arms supplier is the United States, but its interceptor missile stockpile has been depleted in the war with Iran. Last week, Saudi Crown Prince Mohammed bin Salman called Trump, requesting deeper US involvement in the conflict. The US rejected this request.On September 19th, CNN reported on September 18th that sources said the US military narrowly avoided an incident after using an AI-generated false intelligence report. The report stated that this spring, during the war with Iran, an intelligence report circulating among US military personnel raised concerns. The report claimed that a Chinese ship was transporting components for a nuclear weapons program in the Middle East. Four sources familiar with the incident said the US military quickly initiated a plan to intercept the ship. Two of the sources indicated that US military personnel were preparing to board. One source and another informed source stated that US military aircraft had been scrambled. However, just as the planned operation was about to begin, US officials thoroughly examined the report, compiled by analysts from the US Special Operations Command, and discovered that it was generated using AI. The chatbot used by the analyst had incorrectly identified the cargo.Musk: Usage of the X platform has reached an all-time high.

Forecast for Gold Price: XAU/USD seeks another run above $1,825 despite USD recovery

Alina Haynes

Jan 03, 2023 15:14

Gold price is nearing six-month highs while maintaining gains above the major resistance level of $1,825 thus far on Tuesday. The gold price is continuing its recent increase at the start of 2023, despite the general strengthening of the US dollar.

 

Concerns about a probable global economic slowdown, China's covid comeback, and rising inflation are dragging on market mood, hence pushing demand for the traditional safe-haven Gold price. Expectations that the US Federal Reserve (Fed) would continue its tightening cycle this year to combat rising inflation maintain investor mood generally negative.

 

The risk-off movements are also assisting the US Dollar in finding a floor, limiting the precious metal's advance. In addition, US Treasury bond yields ended the final week of 2022 on a positive note, reducing the Gold price's ability to rise.

 

The S&P Global Manufacturing PMI for December, the first relevant US economic data to be issued this year, will provide additional trade impetus. In addition, markets will closely watch the Wall Street opening for further risk sentiment indicators.