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Samsung Electronics rose 1.9%, while SK Hynix fell slightly.On July 6th, Yin Hejun, Secretary of the Party Leadership Group and Minister of Science and Technology, pointed out the need to promote the deep integration of scientific and technological innovation and industrial innovation, and accelerate the construction of a modern industrial system. This includes accelerating the technological transformation and upgrading of traditional industries and large-scale equipment renewal, optimizing industrial layout, strengthening standards leadership, and enhancing internationalization. It also involves accelerating the development of strategic emerging industry clusters such as new energy, new materials, aerospace, and low-altitude economy. Furthermore, it requires forward-looking planning for future industries, focusing on promoting quantum technology, biomanufacturing, hydrogen energy and nuclear fusion energy, brain-computer interfaces, embody intelligence, and sixth-generation mobile communication as new economic growth points. The document emphasizes strengthening the leading role of enterprises in scientific and technological innovation, accelerating the cultivation and expansion of leading technology enterprises, strengthening enterprise-led industry-university-research integration innovation, and supporting enterprises in leading the formation of innovation consortia. It also calls for accelerating the efficient transformation and application of major scientific and technological achievements, establishing concept verification and pilot-scale verification platforms, and increasing the construction and open sharing of application scenarios. Finally, it stresses the need to accelerate the development of science and technology finance, supporting capital investment in early-stage, small-scale, long-term, and hard-tech industries.July 6th - Oil prices fell as OPEC+ decided to increase production again. Following an online meeting on Sunday, the organization announced it would increase production by approximately 188,000 barrels per day in August, marking the fifth consecutive month of increases. However, analysts at ANZ Bank Research stated in a report, "Even if the Strait of Hormuz reopens, member countries may find it difficult to utilize this additional capacity due to ongoing risks to vessels." The analysts noted, "Over the weekend, several vessels attempting to transit the Strait of Hormuz along the Oman route were observed suddenly turning back."1. my country successfully launched 15 satellites in polar orbit. 2. my countrys first integrated aerial survey aircraft successfully completed its maiden flight. 3. Foxconn: June sales reached NT$821.8 billion, a year-on-year increase of 52.1%. 4. Cui Dongshu of the China Passenger Car Association: The adjustment of vehicle and vessel tax is a landmark step in the implementation of the reform of equal rights for oil and electricity. 5. NASA Administrator Jared Isaacman flew a retro fighter jet to the Washington Air Show despite opposition from the Federal Aviation Administration. 6. Ming-Chi Kuo predicts that Apples foldable phone may be launched at the same event as other models, but will go on sale later, with supply shortages continuing until the end of the year. According to the Wall Street Journal, NASA Administrator Jared Isaacman flew a vintage fighter jet to the Washington Air Show despite objections from the Federal Aviation Administration (FAA). Isaacman had invited White House officials, including Treasury Secretary Bessenter, White House Deputy Chief of Staff Dan Scavino, and Trump senior advisor Chris Lacivita, to ride with him, but these arrangements were ultimately canceled.

Gold Price Prediction: XAU / USD will continue to fluctuate above $1,900 despite a decline in US Inflation

Daniel Rogers

Mar 15, 2023 11:43

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Gold price (XAU / USD) is not in danger despite U.S. inflation figures meeting expectations. Since Monday, the precious metal has been fluctuating continuously between $1,895 and $1,913. The release of the US Consumer Price Index (CPI) failed to produce a significant reaction in the Gold price; however, the upside bias appears to be solidified as wagers on lesser rate increases from the Federal Reserve (Fed) have increased.

 

The US Dollar Index (DXY) is protecting the critical support at 103.50, but it appears vulnerable to further losses as investors' risk appetite has dramatically increased. As market participants purchased S&P500 futures in response to higher odds of a smaller rate hike from Fed chair Jerome Powell, a likely recession in the US economy was postponed, signaling an uptick in optimism.

 

Contrary to the risk-on sentiment, demand for US Treasury bonds remained weak, causing 10-year US Treasury yields to rise above 3.68 percent.

 

The headline As anticipated, the US CPI increased by 0.4% on a monthly basis, and the annual figure decreased from 6.4% to 6.0%. In addition, the core CPI, which excludes crude and food prices, decreased to 5.5% from 5.6% previously. The Fed appears to be pleased with the persistence of a declining trend in US inflation.

 

In the future, investors will closely monitor the US Retail Sales (Feb) data. Monthly Retail Sales data is anticipated to decline by 0.3% compared to the previous release of a 3.0% increase. This indicates that the consumer spending rebound is over and the Fed is on course to achieve its inflation target of 2%.