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On August 4th, according to South Korean media reports, the South Korean government will use national fiscal funds to cover up to all costs associated with the construction of infrastructure such as electricity and water resources in regions designated as semiconductor industry clusters. The detailed rules clarify matters related to the authorization of the Semiconductor Special Act, specifically including: the composition and operation of the Special Committee for Strengthening Semiconductor Industry Competitiveness; the designation procedures and related support measures for semiconductor industry clusters; support for semiconductor industry talent development; and the management and operation of the Special Account for Strengthening Semiconductor Industry Competitiveness. According to the regulations, the costs related to the construction and operation of industrial infrastructure required for semiconductor industry clusters can be borne by the central and local governments, with a minimum coverage of 50% and a maximum of 100% of the total project cost. Furthermore, the government can prioritize support for talent recruitment and matching for semiconductor companies outside the Seoul metropolitan area, as well as projects for local professional talent development and retraining.On August 4th, the Ukrainian Presidential Office announced on the 3rd that President Zelenskyy had dismissed Olga Stefanishina, the Ukrainian ambassador to the United States. Stefanishina was appointed ambassador in August 2025. She stated on social media that the dismissal was her own initiative and that she had "completed the main tasks planned when she took office."August 4th - HSBC Holdings (00005.HK) announced that for the six months ended June 30, 2026, the company achieved revenue of US$37.742 billion, an increase of 10.61% year-on-year; operating profit of US$17.963 billion, an increase of 18.50% year-on-year; net profit of US$15.321 billion, an increase of 23.15% year-on-year; and basic earnings per share of US$0.85.August 4th - According to Japanese media reports, the Japanese government plans to conduct commercial testing of autonomous trucks. The test routes will include not only highways but also ordinary roads to enable autonomous transportation between specific logistics bases. The government will determine the test routes and participating companies by the end of fiscal year 2026. Because driving on ordinary roads requires a higher level of technical capability than driving on highways, the Japanese government believes that conducting tests on ordinary roads is crucial for building a logistics network that utilizes autonomous trucks for long-distance transportation.India will seek parliamentary approval for a series of tax adjustments to boost foreign investment and domestic manufacturing, sources familiar with the matter said. Citing internal discussions and a publicly available list of bills, the sources said lawmakers will seek to pass legislation formalizing tax breaks for overseas investors purchasing Indian sovereign debt and exempting offshore funds from tax obligations if their investments are managed by Indian fund managers. The sources added that parliament will also vote on whether to extend tax breaks for overseas suppliers providing equipment to domestic electronics manufacturers and to offer incentives for data centers and diamond mining. Modi has been taking a series of measures to curb capital outflows and support the rupee. These measures are particularly urgent in the wake of the Iraq War, aimed at cushioning economic shocks and strengthening the economys resilience to external shocks.

Gold Price Prediction: XAU / USD falls toward $1,793 support convergence as US Dollar yields rise

Alina Haynes

Feb 27, 2023 14:22

Gold price (XAU/USD) accepts offers to rise from a two-month low to around $1,808 on Monday morning. In doing so, the precious metal justifies the most recent uptick in the US Dollar, following a week-long decline, amid hawkish concerns surrounding the US Federal Reserve (Fed) and geopolitical concerns.

 

That said, the US Dollar Index (DXY) renewed its intraday high around 105.30, following the initial pullback from a seven-week high. In doing so, the dollar index against the six major currencies has strengthened for the fifth consecutive day.

 

The DXY's recovery from the intraday low can be attributed to the firmer US Treasury bond yields, as the US 10-year Treasury yields reverse the early-day declines of approximately 3.95 basis points. In addition, the two-year counterparts return to their greatest levels since November 2022, as bond bears approach the 4.83% level as of press time.

 

Fears of an Australian recession, decreased consumption in New Zealand, and a soft landing in the United States have contributed to the recent weakness of the XAU / USD. Concerns about a hawkish Federal Reserve could contribute to the precious metal's decline, particularly in light of last week's strong inflation indicators and policymakers' optimistic comments. It should be noted that the most recent rumors regarding additional Western sanctions against Russia and Beijing-Moscow relations also favor the Gold Bears.

 

It’s worth noting, however, that the S&P 500 Futures lick its wounds with mild gains after the Wall Street benchmark posted the biggest weekly slump of 2023.

 

A stronger US dollar and geopolitical worries keep the Gold price on the bears' radar. In the absence of top-tier data, the XAU / USD may be able to recover some of its losses. Traders must therefore keep an eye on the US ISM Manufacturing PMI, Services PMI, Durable Goods Orders, and China's official PMIs this week for unambiguous direction.


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