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June 22 – The Ministry of Health of the Democratic Republic of Congo (DRC) announced on June 21 that the total number of confirmed Ebola cases in the country has risen to 1,003, with 254 deaths. The latest data released by the DRC Ministry of Health on social media platforms shows that 100 people have recovered, and 365 patients are currently in isolation or hospitalized. The countrys current contact tracing rate is 58%, lower than the health departments target of 95%. Relevant departments are intensifying contact tracing and investigation efforts, strengthening community outreach and mobilization, and improving case treatment and testing capabilities.1. Market plunges: Precious metals traded weakly in the morning, with Shanghai silver falling over 5%, Shanghai gold over 3%, and platinum and palladium over 4%, indicating a concentrated sell-off by long positions accumulated at previous highs. 2. Fed shows hawkish stance: The Feds June decision kept interest rates unchanged, but new Chairman Warsh removed forward guidance indicating a tendency to cut rates in his debut meeting. Furthermore, the dot plot showed that half of the officials expect at least one rate hike this year, leading to an earlier-than-expected rate hike and a stronger dollar and US Treasury yields. 3. Geopolitical negotiations take a dramatic turn: After the US and Iran signed a memorandum of understanding, the first round of formal negotiations suddenly changed. Due to Israels continued attacks on Lebanon and threatening remarks from Trump, the Iranian delegation walked out of the meeting and announced the closure of the Strait of Hormuz, causing risk aversion and liquidity concerns to severely impact the market. 4. Fund Holdings Trends: Investment demand showed mixed performance. Holdings in the worlds largest gold ETF (SPDR) increased slightly to 1020.5 tons weekly, while holdings in the worlds largest silver ETF (iShares) decreased by 22.51 tons weekly, indicating a roughly equal increase and decrease in speculative funds. 5. Everbright Futures View: Current gold prices have largely priced in hawkish expectations, and marginal negative momentum is weakening. With falling oil prices, if inflation expectations remain stagnant, it may drive a short-term market correction due to easing concerns about tightening, allowing gold to maintain its bottom-range consolidation. 6. Nanhua Futures View: With geopolitical uncertainties in the Middle East, strong AI stocks, and rising expectations of interest rate hikes, precious metals are in a short-term weak position. However, in the medium to long term, the Peoples Bank of my country maintains its strategy of buying gold on dips, and the medium-term support logic for central bank gold purchases has not weakened significantly. 7. Shanghai Zhongqi Futures View: The pullback in gold prices is a result of the Federal Reserves policy shift towards hawkishness, changes in communication style, and a convergence of macroeconomic data. With interest rate hike expectations fully priced into the market, short-term adjustment pressures are expected. However, easing tensions in the Middle East are conducive to stabilizing inflation expectations, and precious metals will continue to exhibit two-way volatility. (The above content is compiled from publicly available market data from Everbright Futures, Nanhua Futures, Shanghai Zhongqi Futures, etc., and is for reference only, not investment advice.)June 22nd - XPeng Motors announced on June 22nd that the first SUV in the XPeng MONA series will be officially named L03. In the MONA series, M represents sedan and L represents SUV.On June 22, Ant Group announced on its official website that it has completed the reshuffling of its board of directors: Bai Chongen, Dean of the School of Economics and Management at Tsinghua University; He Xiaopeng, Chairman and CEO of XPeng Motors; and Zeng Shunfu, former CEO of Deloitte China, have been appointed as new independent directors; Laura Cha, former Chairman of the Hong Kong Stock Exchange, and Zhang Hongjiang, a globally renowned AI scholar, remain in their positions. Following the reshuffle, Ant Groups board of directors maintains a nine-member structure, with independent directors comprising over 50%, demonstrating continued optimization of its governance structure.June 22 - A poll released on the 21st showed that Israeli Prime Minister Benjamin Netanyahus approval rating has plummeted from 40.5% in early March to 29.4%. The poll, conducted jointly by the Hebrew University of Jerusalem and the Agam Lab think tank from June 17th to 20th, included 3,644 respondents. The results indicate that the Israeli government is facing a crisis of confidence. Although Netanyahu claims Israel has achieved success in its military operations, 72.5% of respondents said they did not believe him, and 56.4% considered his performance in military operations to be "failures" or "poor." The poll also showed that 63.2% of respondents opposed the agreement between the US and Iran, while only 12.1% supported it. 48.2% of respondents supported another large-scale Israeli military strike against Hezbollah in Lebanon, even if it could lead to confrontation with the US; only 21% opposed it.

Gold Applauds Dollar's Weakness, But Anticipates Sixth Straight Month of Declines

Charlie Brooks

Sep 30, 2022 10:49

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Gold prices rose little on Friday as dollar pressure eased further, but remained poised for a sixth straight month of falls as rising interest rates had a significant impact on the outlook for the yellow metal.


As a result of a series of hawkish U.S. acts and statements, it was anticipated that the price of bullion would decline by around 3 percent in September. Federal Reserve. Earlier this month, the dollar's climb to 20-year highs also placed pressure on gold.


This week, though, the dollar's weakening aided gold's small rebound from two-year lows. As a result of widespread profit-taking, the U.S. dollar fell 0.7% on Thursday and is forecast to lose 1.3% over the course of the week.


Gold prices on the spot market rose 0.1% to $1,662.86 per ounce by 19:30 EST, while gold futures rose 0.2% to $1,671.20 per ounce (23:30 GMT). The price of gold was anticipated to grow by 1.2% this week.


However, the yellow metal remained under pressure as U.S. interest rates continued to rise. The yield on the 10-year Treasury note has maintained at its 12-year high. This year, rising yields have reduced the allure of gold by increasing the opportunity cost of holding the non-yielding asset.


Multiple Fed officials repeated this week their intention to continue rising interest rates, which is expected to keep gold prices subdued for the remainder of the year. As global economic conditions deteriorate, though, gold could regain some of its safe-haven appeal.


Copper prices were headed for their first weekly increase in three weeks as a result of the dollar's depreciation.


Copper futures rose 0.2% to $3.4335 per pound and 2.6% over the past week.


As a result of weak global economic development, the forecast for copper consumption was anticipated to deteriorate significantly in September.


Currently, the market is focused on Chinese manufacturing activity data due later today. It is projected that factory activity in the largest copper importer in the world has fallen for the third consecutive month.