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September 14th - According to the New York Times, two sources familiar with the matter revealed that the Trump administration plans to announce on Monday that the United States will no longer restrict emissions of global warming pollutants from coal-fired and gas-fired power plants during power generation. It is understood that Environmental Protection Agency Administrator Lee Zeldin is expected to announce this policy change during the G20 energy ministers meeting in Houston. The Trump administration has been trying to make the production and use of fossil fuels easier and cheaper, particularly hoping to utilize fossil fuel power generation to meet the growing electricity demand of artificial intelligence data centers.On September 14th, according to foreign media reports, Samsung Electronics and SK Hynix rejected a prepayment proposal from the Korea Electric Power Corporation (KEPCO) to fund the construction of a power grid supplying electricity to new technology clusters. Cash-strapped utilities across Asia are struggling to keep up with the growing demand from the semiconductor and artificial intelligence industries. KEPCOs proposal—estimated by local media to total 25 trillion won, equivalent to five years worth of electricity bills—was intended to circumvent this supply-demand mismatch. A KEPCO spokesperson stated via text message, "The two companies ultimately rejected KEPCOs proposal." Local media reports indicate that the two chipmakers are concerned about the uncertainty surrounding the sustainability of the current semiconductor boom over the next five years.Japanese Chief Cabinet Secretary Minoru Kihara: The budget will be prepared while appropriately controlling the scale of bond issuance.Shipping data shows that the average daily number of commodity carriers passing through the Strait of Hormuz dropped to single digits over the weekend, below the 10-day average of about 14 ships.On September 14th, Futures News reported that a crucial meeting between Gulf states and Iran regarding the control of the Strait of Hormuz was postponed due to a failure to reach a consensus. This setback hindered regional efforts to ease tensions along this vital waterway and continues to severely test navigation in the Strait of Hormuz. Previously, the foreign ministers of the six Gulf Cooperation Council (GCC) countries planned to meet with Iranian Foreign Minister Araghchi in Salalah, Oman on September 14th, with Oman acting as mediator. The goal was to secure support for a temporary arrangement to manage merchant shipping in the Strait of Hormuz. Iranian Foreign Ministry spokesman Baghae stated that the meeting was an important step in promoting mutual trust and cooperation among regional countries and maintaining regional peace and stability. He emphasized that relevant matters should be negotiated independently by regional countries, rejecting destructive and divisive interference from external forces. He hoped the meeting would create conditions for deepening understanding among regional countries and contribute to regional security. Iran is committed to ensuring the safety of navigation in the Strait of Hormuz, but as long as the US continues its maritime blockade and economic war against Iran, the safety of navigation in the strait cannot be guaranteed. Iran and Oman had previously reached an understanding on a temporary navigation route in the Strait of Hormuz.

Gold Exceeds $1,800, Then Declines As the Dollar Strengthens

Skylar Williams

Aug 03, 2022 11:13

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Gold returned slightly on Tuesday to the $1,800 level targeted by market longs after exactly one month.


The gold futures contract for December on the New York Comex rose $2 to $1,787.70 per ounce, after reaching a high of $1,804.95.


In response to China's fury over the U.S. House Speaker Nancy Pelosi's travel to Taiwan, a country Beijing regards as its territory with no sovereignty of its own, the dollar had its greatest spike in over a month.


Gold on the Comex has failed to reclaim the psychologically significant positive level it lost on July 1 as a result of the dollar's meteoric rise on expectations of further Federal Reserve interest rate rises.


Sunil Kumar Dixit, chief technical strategist at skcharts.com, commented, "The futures have blown off some froth at the top, but the upside is still quite strong." "Play will continue until Comex hits $1,830 or $1,835"


The Dollar Index, which measures the dollar to six other major currencies, increased by over 0.7% to 105.95, marking its highest daily rise since July 5, when it increased by 1.3%. The session's highest point was 106.10 On Tuesday, the dollar index touched a near three-week low of 104.92.


Along with the dollar, U.S. bond rates contributed to gold's decline on Tuesday, as the benchmark 10-year Treasury note notched its largest one-day increase since March.


Not reaching $1,800, the spot price of bullion, which is frequently connected with the price of gold futures, peaked at $1,788.12.


Comex gold's turnaround toward $1,800 was sparked by Federal Reserve Chair Jerome Powell's comments last Wednesday that the central bank could not predict whether it will sustain the aggressive rate hikes it has adopted to battle inflation since March.


With the release of the gross domestic product statistics for the second quarter on Friday, the United States officially entered a recession.


The previous week's performance for gold was its best since the week of February 25. The possibility of a recession and the Fed's rate hikes approaching their peak contributed to gold's appreciation.


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