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On February 14, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, attended the Munich Security Conference and delivered a speech and answered questions at the "China Session." When asked about Chinas role in resolving regional conflicts, particularly the Ukraine issue, Wang Yi stated that Chinas position is clear: all regional hotspots should seek political solutions through dialogue and consultation, and the same applies to the Ukraine issue. However, China is not a party to the conflict, and the decision-making power is not in Chinas hands. What we can do is to promote peace talks. We have dispatched special envoys to mediate and, through various channels, emphasized to all parties that a ceasefire should be implemented as soon as possible, and that everyone should return to the negotiating table.On February 14, 2026, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, attended the Munich Security Conference, delivered a speech at the "China Session," and answered questions from the audience. Wang Yi emphasized that the erroneous remarks by Japanese leaders on the Taiwan issue exposed Japans undying ambition to invade and colonize Taiwan and the lingering specter of reviving militarism. Japan launched its invasion of China and attacked Pearl Harbor under the pretext of a so-called "crisis and existential crisis." The lessons of history are still fresh and must be heeded. If Japan does not repent, it will inevitably repeat the same mistakes. Good people should be vigilant. First and foremost, the Japanese people must be reminded not to be blinded and coerced by far-right forces and extremist ideologies again. All peace-loving countries should also warn Japan: if it chooses to go back to its old ways, it will only lead to its own destruction.Joint statement from the UK, Switzerland, France, Germany, and the Netherlands: We and our partners will use all policy tools at our disposal to continue to hold Russia accountable.Joint statement from the UK, Switzerland, France, Germany, and the Netherlands: We further express our concern that Russia has not destroyed all of its chemical weapons.The United Kingdom, Sweden, France, Germany, and the Netherlands issued a joint statement regarding the death of Alexei Navalny.

Dollar Growth And Fed Hawkishness Are Pressuring Gold Prices

Aria Thomas

Feb 23, 2023 11:45

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Gold prices moved little on Thursday, but were down for the week as the dollar reached a six-week high on concerns of a hawkish Federal Reserve. Investors are now focusing on impending economic data for additional clues on the U.S. economy and monetary policy.


Later in the day, a revised estimate of U.S. GDP for the fourth quarter will be released, with any sustained evidence of resilience in the economy giving the Fed more room to continue raising interest rates. This notion was strengthened this week by readings on business activity that exceeded expectations.


Friday will also see the release of the Personal Consumption Expenditures price index for January, which is anticipated to confirm that inflation remained persistent throughout the month. In addition, the reading is likely to increase the Fed's calls for sharper interest rate increases in the future months.


At 19:07 E.T., spot gold was unchanged at $1,824.76 per ounce, while gold futures declined 0.1% to $1,832.85 per ounce (00:07 GMT). Both assets were down approximately 0.4% thus far this week.


Wednesday's publication of the minutes from the Federal Reserve's February meeting revealed that the majority of monetary policy committee members supported raising interest rates for an extended period of time this year. However, their proposals for a 25 basis point increase were deemed obsolete after data released after the Fed's meeting revealed that inflation remained much more persistent than anticipated.


Nonetheless, the dollar reached a six-week high versus a basket of currencies. The opportunity cost of holding non-yielding assets such as gold and other precious metals increases as interest rates rise.


This week will also bring inflation data from the Eurozone and Japan, which are expected to indicate that global price pressures remain elevated, likely resulting in tightening monetary conditions.


On Thursday, other precious metals were trading lower. Futures for silver fell 0.6% to $21.530 per ounce, while futures for platinum fell 0.1% to $950.80 per ounce.


High-grade copper futures were muted at $4.1790 per pound on Thursday, after falling 1.1% on Wednesday.


In spite of this, prices of the crimson metal have increased by nearly 2% so far this week, due to evidence of resilience in U.S. economic activity and optimism regarding China's recovery.


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