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On August 23, the Italian Postal Service announced that the company will officially suspend the delivery of packages to the United States from August 23, but can continue to receive mail without goods sent to the United States.According to a report released by the Indonesian Meteorological, Climatological and Geophysical Agency on August 23rd, a magnitude 5.8 earthquake struck 51 kilometers southeast of the Aceh Special Region of Indonesia at 7:24 PM local time on August 23rd. The epicenter was located at 2.03 degrees north latitude and 96.52 degrees east longitude, with a depth of 12 kilometers. No tsunami risk is expected.Ukrainian President Volodymyr Zelensky said after a phone call with South African President Cyril Ramaphosa that the global South should help push Russia towards peace.According to US media reports on August 23rd, the Texas Senate passed a bill to redraw the states congressional districts by a vote of 18 to 11 in the early hours of the 23rd. The bill is expected to help Republicans gain five more House seats in Texas in next years midterm elections. The bill, which had already passed the Texas House of Representatives, will be submitted to Republican Governor Abbott after its passage by the Texas Senate. Abbott has previously stated that he will sign the bill.On August 23rd, Coca-Cola has hired investment banks to assist in evaluating the potential sale of its UK coffee chain Costa Coffee, according to people familiar with the matter. The Atlanta-based beverage giant has commissioned Lazard to evaluate various options and explore market interest in the business, which it acquired for £3.9 billion in 2018. Coca-Cola has reportedly held preliminary discussions with some potential buyers, including private equity firms. Sources stated that there is no certainty that a transaction will proceed, and Coca-Cola may ultimately choose not to sell.

Gold Floats Above $1,900; Economic Indicators Are Needed

Haiden Holmes

Jan 17, 2023 11:12

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Gold prices remained at eight-month highs on Tuesday, having remained within a narrow range in recent sessions as investors awaited additional cues from a plethora of economic data due this week, with a particular focus on any signs of a recession.


Despite a modest dollar recovery, Monday's trading volumes in the yellow metal were also constrained by a U.S. holiday.


The markets are awaiting key inflation figures from the Eurozone and the United Kingdom, as well as retail sales and industrial output data from the United States, in order to determine whether the world's largest economies will experience a potential slowdown due to tight monetary conditions.


The Bank of Japan's policy meeting on Wednesday is also in the spotlight, given the central bank's unexpectedly hawkish tone at its December meeting. The action had a significant impact on the dollar and marginally supported commodity prices.


Spot gold rose 0.2% to $1,918.14 per ounce as of 19:07 GMT, while gold futures rose 0.1% to $1,920.95 per ounce (00:07 GMT). In recent weeks, the expectation of a slowdown in U.S. interest rate hikes dramatically increased the price of gold, but the likelihood of a global recession this year has reignited demand for gold as a safe haven.


As the effects of rapid monetary tightening in 2022 become apparent, the markets are preparing for the possibility of a recession in major economies. Earlier this month, the International Monetary Fund had warned of a similar circumstance in 2023.


A potential recession is expected to benefit gold because it could force the Fed to halt its rate-hiking cycle. In 2022, the central bank initiated one of its most severe monetary tightening campaigns, which boosted the dollar and weakened metals and other non-yielding assets.


The price of copper increased slightly on Tuesday after falling significantly from a seven-month high the day before. The expectation of a demand recovery in China, the world's largest importer, has contributed to the metal's month-to-month increases.


Despite the fact that China has recently loosened the majority of its anti-COVID regulations, there has been a significant increase in COVID-19 cases, which casts doubt on the timeline for economic recovery. Tuesday's GDP data will likely shed additional light on this trend.


Futures for high-grade copper rose 0.3% per pound to $4.1498.

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