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On May 7th, the China Trustee Association issued an initiative entitled "Initiative on Optimizing Trust Services and Promoting the Healthy and Sustainable Development of the Trust Industry." The initiative emphasizes adhering to the principle of "quality and price matching" and resisting "involutionary" competition. It calls for scientifically assessing core elements such as business service costs, risk premiums, and reasonable profits to establish a pricing mechanism that matches actual business needs. The initiative resolutely opposes competing for projects at prices below cost, preventing issues such as declining service quality and weakened risk management due to low-price competition, and upholding the fundamental principle of "quality and price matching" in business operations.Shell CFO: We are seeing rising crude oil and refined product prices in Asia to attract U.S. shipments from Europe to Asia.Switzerlands seasonally adjusted unemployment rate for April will be released in ten minutes.On May 7th, XS.com analyst Linh Tran commented that gold prices may need a clear breakout above the $4730-$4750 per ounce range to maintain a strong upward trend. With the dollar and US Treasury yields weakening, gold looks poised for short-term gains. However, if gold fails to break through this resistance level, it may return to a range-bound trading pattern. The upcoming US non-farm payroll report could be a key catalyst; weaker-than-expected data could support a more dovish stance from the Federal Reserve, thereby boosting gold prices.The yield on German two-year government bonds fell nearly 3 basis points today to 2.5339%.

Gold Surpasses $1,700 As The Dollar Falls Amid Election-related Anxiety

Charlie Brooks

Nov 09, 2022 15:45

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As investors awaited the midterm election results, gold prices surged to a one-month high on Wednesday, helped by recovering safe-haven demand and a dropping dollar.


Spot gold traded above $1,700 for the first time since early October at 18:44 ET (23:44 GMT), while gold futures jumped to $1,715.90 per ounce. Both assets gained more than 2% on Tuesday.


This week, the dollar hit its lowest level in 1.5 months, helping metal markets. Wednesday morning's dollar index was 109.61, down 0.5%. Treasury rates fell 2%.


Instability about the US midterms boosted safe-haven buying of gold this week. Despite markets expecting a mixed result, a clear majority for incumbent Democrats or re-elected Republicans might signify a change in monetary and fiscal policy.


Some Fed members supported a smaller rate hike in December, which impacted on the currency. The markets expect the Fed to raise rates by 50 basis points (bps) in December, a smaller rise than in November.


Thursday's CPI inflation statistics may provide further light. The report is expected to show that inflation remained strong in October, perhaps prompting a Fed rate hike.


Investors took gains on the dollar's rally this year.


Copper prices rose 2% on Tuesday to a two-month high. Wednesday's copper futures stayed at $3.6627 a pound.


Prices of the red metal initially sank this week on fears of further Chinese demand delays, but a sinking dollar boosted buying of the commodity, which has plummeted drastically this year.


The dollar's strength and rising U.S. Treasury rates were the biggest drags on metal markets this year. Copper prices were also affected by fears of a global economic slowdown.


In the next few months, a shrinking supply of copper may raise prices.

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