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Jihu Auto: 23,517 vehicles were delivered in July, up 150.45% year-on-year, with cumulative deliveries exceeding 100,000 vehicles from January to July.On August 1st, Japans Ministry of Finance posted on the social media platform X that the Japanese monetary authorities have multiple tools at their disposal to meet market liquidity needs. These tools include, as appropriate, the use of the Federal Reserves Standing Repurchase Facility (FIMA), which accepts U.S. Treasury securities as collateral to provide temporary dollar liquidity. The Ministry of Finance stated, "We are prepared to utilize available tools as needed to support the orderly functioning of the market."August 1st - According to reports from the United States on July 31st, July this year is expected to be the hottest month on record in the continental United States. Meanwhile, a new "heat dome" is forming in the western United States, and the high temperatures are expected to continue. It is reported that as of July 29th, the average temperature in the United States this July was about 1.4 degrees Celsius higher than the average for the same period from 1991 to 2020. Although the final average temperature data for July will not be released until early August, media predictions suggest that this figure could break the record set in July 2012, making July this year the hottest month on record in the continental United States.Japans Ministry of Finance: Monetary authorities have a wide range of tools to address market liquidity needs.On August 1st, the South Korean National Assembly passed an amendment to the Criminal Procedure Act on July 31st, abolishing the prosecutors authority to conduct direct and supplementary investigations. This is another legislative measure in South Koreas push for reform of the prosecutorial system. The National Assembly passed the amendment with 175 votes in favor, 2 against, and 1 abstention. According to the amendment, the prosecutors office will no longer have the authority to conduct direct investigations, nor may it conduct supplementary investigations on its own. If a prosecutor believes a case requires further investigation, they can only request the judicial police to conduct supplementary investigations.

Gold Falls to a 5-Week Low Ahead of Nonfarm Payrolls as the Dollar Rises

Charlie Brooks

Sep 01, 2022 10:58

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Gold prices declined further on Thursday as the U.S. dollar strengthened ahead of this week's critical employment report, while copper prices tumbled owing to mounting fears of a global economic slowdown.


At 20:45 Eastern Time (00:45 GMT), spot gold fell 0.3% to $1,706.26 per ounce, its lowest level since late July. Gold futures decreased 0.5% to $1,716.75 per ounce. In the previous five months, the dollar and Treasury yields have decreased dramatically due to rising U.S. interest rates.


This week, the price of gold fell, as the dollar stayed at 20-year highs ahead of Friday's critical U.S. nonfarm payrolls report. The dollar index rose by 0.3% on Thursday.


While it is predicted that August payrolls will be lower than in July, a stronger-than-anticipated total could offer the Federal Reserve more leeway to raise interest rates more rapidly this year.


Private payrolls in the United States grew substantially less than expected in August, indicating that the labor market may be cooling.


Due to Fed Chair Jerome Powell's forceful words last week, gold and the majority of other commodities have lost a substantial amount during the past three sessions. Over seventy percent of investors predict that the Federal Reserve will raise interest rates by 75 basis points later in September.


Other precious metals also saw a fall in value. The price of platinum declined 0.9%, while silver futures dropped 1.5%.


Copper futures fell 0.7% to $3.4880 per pound, extending losses to a sixth consecutive trading day as fears of a global recession grew.


Wednesday's release of data indicating Chinese manufacturing activity dropped for the second consecutive month in August precipitated a sharp decline in the price of the red metal.


Weak economic indications from Germany and Japan, as well as skyrocketing inflation in the eurozone, heightened fears of an economic slowdown, thereby reducing the copper market.

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