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On October 27, United Precision announced that its third-quarter revenue was 152 million yuan, a decrease of 12.91%, and its net profit was 8.1611 million yuan, a decrease of 50.81%. For the first three quarters, its revenue was 597 million yuan, an increase of 10.37%, and its net profit was 59.5416 million yuan, an increase of 18.57%.Shares of U.S. rare earth miners fell in pre-market trading, with MP Materials (MP.N) down 6%, USA Rare Earth (USAR.O) down 8% and Critical Metals (CRPL.O) down nearly 10%.The European Central Banks three-year CPI forecast for the euro zone in September is 2.5%, up from 2.50% in the previous month.The European Central Banks one-year CPI forecast for the euro zone in September is 2.8%, up from 2.80% in the previous month.On October 27th, the European Central Banks survey on corporate financing conditions, released on Monday, showed that eurozone companies generally remain optimistic about future business prospects, but at the same time are concerned that inflation may reach higher levels. The ECB stated that a net 25% of companies surveyed were optimistic about developments in the next quarter, an increase from three months ago, but companies continued to feel the pressure of declining profits. The ECB noted: "Companies median annual inflation expectations for the next year remained at 2.5%, while expectations for the next three and five years remained at 3.0%." "In the five-year outlook, most companies still believe that the risks to the inflation outlook are tilted to the upside."

Gold Gains Weekly for the First Time in Six Weeks; Prices Remain Below $1,700

Haiden Holmes

Jul 25, 2022 11:43

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As the yellow metal's five-week losing streak came to an end, gold bulls achieved their first weekly victory since early June.


As markets prepare for the Federal Reserve's rate hike in July, analysts say the price of an ounce of gold, which is now hovering in the low $1,700s, may be susceptible to another slide below the $1,600 zone next week.


Analysts predict that if bullion maintains the tendencies of the last two days, it might rebound quickly from any dip into the sub-$1,700 range, propelling it to $1,800.


Ed Moya, head of U.S. research at the online trading platform OANDA, observed, "Gold is beginning to act as a safe haven as slowing economic growth compels many central banks to abandon aggressive tightening plans." "Gold may find resistance at $1,750, but if it does not, it will encounter few impediments until $1,800."


Gold futures for August delivery on the New York Comex gained $14, or 0.8 percent, to $1,727.40 per ounce on Friday, after trading around a 16-month low of $1,680.96 per ounce on Thursday.


After a five-week fall that cost bulls $172, or 9 percent, gold prices increased by 1.4 percent during the week of August.


On Friday, the Dollar Index, which compares the dollar to six major currencies, reached a two-week low of 105.98, causing the weekly rise. Unlike gold, the dollar reached its highest level since December 2002 last week, reaching 109.14.


Since the beginning of this week, the greenback has dropped, and its decline accelerated as the European Central Bank joined numerous other central banks on Thursday in raising interest rates to combat runaway inflation rather than prevent an economic recession.


The dollar declined on Friday as weaker-than-anticipated statistics from the U.S. services sector impacted on the currency's sentiment. S&P Global said that its most recent services sector index declined to 47 from a previous reading of 52.7 and a forecast of 52.6.


Contrary to initial forecasts, poor service statistics have increased the chance that the Fed would not raise interest rates by 100 basis points in July.

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