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Iranian Foreign Ministry spokesman Bagaei: We need to pay attention to the other sides implementation of the agreement, and also negotiate on the nuclear issue and the lifting of sanctions.On June 18th, the Ministry of Industry and Information Technology and the Ministry of Commerce, together with the National Development and Reform Commission, the Ministry of Agriculture and Rural Affairs, and the National Energy Administration, organized the 2026 New Energy Vehicle Rural Promotion Campaign. The notice proposed strengthening integration with existing brand activities such as the "Thousands of Counties and Towns New Energy Vehicle Consumption Season." It selected a number of typical county-level cities with low new energy vehicle promotion rates but significant market potential to conduct offline special activities, innovatively creating offline experiential consumption scenarios such as vehicle display and test drives. Through live streaming and online consultations, it aimed to attract consumers from surrounding towns and villages to purchase new energy vehicles, thereby radiating and driving the development of offline physical retail. The notice also called for organizing new energy vehicle sales outlets, after-sales maintenance service companies, charging and battery swapping service companies, and insurance, credit, and other financial service companies to collaborate in rural areas, continuously optimizing the supporting environment for new energy vehicle application in rural areas and improving service levels. Finally, it promoted the application of intelligent connected vehicle technology, new charging and battery swapping technologies, integrated photovoltaic-storage-charging systems, and vehicle-to-grid interaction technologies in rural areas.On June 18th, the Ministry of Industry and Information Technology and the Ministry of Commerce, together with the National Development and Reform Commission, the Ministry of Agriculture and Rural Affairs, and the National Energy Administration, organized the 2026 New Energy Vehicle Rural Promotion Campaign. The notice proposes to further promote the trade-in program for automobiles in rural areas. The campaign will establish special trade-in zones, promote subsidy policies, and provide "one-stop" services such as old vehicle inspection, evaluation, and recycling, as well as subsidy application assistance, to further improve awareness and coverage of preferential policies and facilitate participation in subsidies for rural consumers. Rural consumers who trade in their old vehicles for new energy vehicles can apply for automobile trade-in subsidies according to policy requirements, without being subject to any restrictions on the number of subsidy eligibility slots.The yield on Japans 30-year government bonds rose 2.5 basis points to 3.755%.Sources say the British government is in advanced talks with Nissan to discuss financial support for the company’s plans to build a plant in Sunderland.

Gold Hits 10-Month Low Due to Fed/One-Two Dollar's Punch

Haiden Holmes

Jul 07, 2022 11:20


Is gold safe at $1,700? Given how far south the yellow metal has traveled in only two days, the question is legitimate.


August gold futures on the New York Comex concluded Wednesday's trading at $1,736.0 per ounce, down $27.40, or 1.6%. The day's minimum value was $1,730.95.


Gold's most recent nadir provides a $30 cushion between the next horror scenario and longs in the game — $1,600 area.


Sunil Kumar Dixit, chief technical strategist at skcharts.com, warned that if gold fails to achieve $1,768 it will continue under pressure and aim for $1,722-$1,698.


The dollar's rebound and the Federal Reserve's hawkish attitude have virtually pushed gold to September 2021 lows.


Wednesday was the first occasion since December 2002 when the Dollar Index, which measures the dollar against six major currencies, topped 107 points. Since November of last year, the dollar has climbed steadily on projections of quick rate hikes by the Federal Reserve, which have barely started to materialize.


Gold's malaise also coincides with the Fed's relentless rate hike talk. The Fed's vow to tame the inflation beast by increasing the Fed funds rate before the end of the year has damaged bullion prices for weeks. However, central bank authorities have shown no hesitation to pursue this purpose.


According to minutes from a central bank policy meeting held last month, the Fed considers there is a serious danger of high inflation getting entrenched in the US economy and that modest interest rate hikes are the only way to balance runaway prices with growth.


During the outbreak, the Fed held interest rates between zero and 0.25 percent for two years until boosting them in March of this year. Since then, rates have hit between 1.5 and 1.75 percent. The central bank has declared that it will continue to hike interest rates until inflation, which has hit 40-year highs of more than 8 percent yearly, returns to its objective rate of 2 percent annually.


This month, the Fed is expected to continue with another quarter-point rate rise.


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