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On February 26, the Supreme Peoples Court held a press conference to report on its work in punishing property crimes, strengthening the crackdown on fraud, and precisely targeting crimes involving concealment and covering up of criminal proceeds. From 2021 to 2025, the peoples courts accepted 1.273 million new first-instance cases of property crimes and concluded 1.271 million cases, effectively combating and curbing the high incidence of property crimes and safeguarding the property security of the people.February 26th - According to data from the Haikou Municipal Bureau of Statistics, the citys total retail sales of consumer goods during the Spring Festival holiday are expected to reach 3.49 billion yuan, a year-on-year increase of 2.6%. Among them, the cumulative sales of duty-free shops on the island reached 1.206 billion yuan, a year-on-year increase of 12.7%.February 26 (KCNA) – The 9th Congress of the Workers Party of Korea concluded in Pyongyang on February 25. In his summary report, General Secretary Kim Jong Un stated regarding North Korea-US relations that the future of bilateral relations depends entirely on the US attitude. Kim Jong Un said that in the Asia-Pacific region, the expansion and transgressive military activities of the US-led aggressor bloc seriously threaten the security of the Korean Peninsula and the region. North Korea will, as always, be fully prepared for confrontation with the US and will maintain its hardline policy towards the US. Kim Jong Un said that if the US withdraws its hostile policy towards North Korea, North Korea has no reason not to maintain friendly relations with the US. If the US does not change its consistent approach towards North Korea and insists on confrontation to the end, North Korea will also resolutely respond. "The future of North Korea-US relations depends entirely on the US attitude."On February 26, US Vice President Vance stated that the White House is closely monitoring the incident on February 25 where a US-registered speedboat was "shot" near Cuba. He expressed hope that this was not a "serious" incident. Florida Attorney General James Uthmeyer posted on social media that he had instructed state prosecutors to cooperate with relevant parties to investigate the incident. Earlier that day, the Cuban Ministry of the Interior reported that border guards discovered a speedboat registered in Florida illegally entering Cuban territorial waters near Villa Clara province. The speedboat opened fire, and Cuban forces returned fire, resulting in four deaths and six injuries to the foreign attackers.Multiple explosions were heard in Kyiv, the capital of Ukraine.

Gold prices rise when the Fed tightens and the dollar falls

Skylar Williams

Oct 19, 2022 14:25

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Gold prices rose moderately on Wednesday, extending small gains into a third session as dollar pressure eased. However, hawkish remarks from Federal Reserve officials halted any price advances.


As of 19:20 EST, spot gold rose 0.1% to $1,653.49 per ounce, whereas gold futures rose 0.2% to $1,658.90 per ounce (23:20 GMT). Both instruments spent a second day above the important support level of $1,650, following the dollar's decline.


This week, the dollar index is trading roughly 1% lower as risk appetite has strengthened in reaction to a series of strong Wall Street earnings. Following a run of hawkish comments from Federal Reserve officials, the dollar appeared to have stabilized on Tuesday.


Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, indicated that if underlying inflation does not reduce, the Fed could hike its target rate above 4.75 percent. Despite a series of significant rate hikes this year, inflation in the United States remained stubbornly close to its highest level in forty years.


Raphael Bostic, president of the Federal Reserve Bank of Atlanta, underlined the need to reign in inflation, noting the impact of rising interest rates and prices on the labor market.


Following Bostic and Kashkari's remarks, U.S. Treasury yields climbed as traders anticipated future hawkish Federal Reserve activities. In addition, the markets are pricing in a nearly 100 percent chance that the Federal Reserve will raise interest rates by 75 basis points at its fourth consecutive meeting in November.


Earlier this year, the price of gold reached its highest level in the previous two years. Nonetheless, as interest rates rose, the opportunity cost of owning gold increased considerably. Given the Federal Reserve's lack of willingness to halt rate hikes, it is projected that this pressure will persist in the near future.


Following three consecutive sessions of decline due to expectations of a decline in demand, copper prices rose marginally on Wednesday. Rio Tinto (NYSE:RIO) and BHP Group (NYSE:BHP) projected a near-term fall in metal demand, clouding the outlook for industrial metals this week.


According to the world's two largest miners, sluggish economic growth and heightened geopolitical tensions would certainly disrupt supply chains and reduce metal demand.


Copper futures rose 0.1% to $3.3655 per pound, but are currently down 1.7% on the week.


As fears of a U.S. recession increased, China's statement that it will not adjust its zero-COVID policy was the strongest source of selling pressure on the precious metal.

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