Real-time News

On July 17th, Goldman Sachs stated that despite pressure from expectations of a tighter stance from the Federal Reserve, central bank buying is expected to provide a floor for gold. Demand remains strong; the bank estimates that central bank gold purchases in May totaled 81 metric tons, with a three-month average of 67 metric tons per month, significantly higher than the pre-2022 average of 17 metric tons. Goldman Sachs analysts stated, "We believe that the trend of central banks increasing their gold holdings will continue for many years as they diversify their reserves to hedge against geopolitical and financial risks." The bank predicts average monthly gold purchases of 50 metric tons this year and 40 metric tons next year.

The Kremlin stated that Russia's economic difficulties are "not critical" and that macroeconomic stability remains unaffected.

Former Iranian Foreign Minister Salehi: Iran has no intention of escalating tensions or exacerbating the situation in the Middle East; the higher the level of regional security, the greater Iran's interests.

International oil prices continued to rise, with Brent crude oil rising above $85. A chart provides a quick overview of the pre-market conversion prices of crude oil between domestic and international markets.

The U.S. export price index rose 10.2% year-on-year in June, down from 11.20% in the previous month.

The U.S. import price index rose 7.1% year-on-year in June, below the expected 6.70% and the previous reading of 6.70%.

US building permits fell 3% month-on-month in June, compared with an expected decline of 0.20% and a previous decline of 0.90%.

The U.S. export price index fell 0.6% month-on-month in June, compared with an expected decline of 0.4% and a revised previous reading of 1.2% (up from 1.30%).

Senior advisor to Iran's Supreme Leader: The Iraqi Prime Minister's visit to the United States was ill-timed, and I really don't know what he foresaw or what his goals were for this trip.

Fitch: We expect further easing of UK bank capital rules.

Iran's Labor Minister: Iran is a symbol of world peace. Iran does not seek war, but will respond decisively to aggressors with all its might.

July 17th - According to industry sources, Kazakhstan exported its first batch of gasoline to Russia in July, supplying approximately 1,000 tons to central Russia. Due to Ukraine's continued escalation of drone attacks on oil refineries across Russia, the country is facing a gasoline shortage. Russian authorities are seeking to increase fuel supplies from Kazakhstan and Belarus and have begun importing gasoline from India by sea.

On July 17, the Ministry of Ecology and Environment and five other departments jointly issued the "15th Five-Year Plan for Ecological and Environmental Protection of Soil, Groundwater, and Agriculture and Rural Areas." The plan outlines five key tasks: strengthening risk management of construction land, enhancing ecological and environmental protection of agricultural land, deepening collaborative prevention and control of groundwater pollution, promoting the construction of beautiful villages, and improving governance efficiency. The plan includes major projects such as soil pollution source control projects and special remediation projects for soil pollution in 1-kilometer stretch of former chemical plant sites along the Yangtze River, as well as special tasks such as conducting the second national soil pollution survey and a national groundwater pollution investigation and assessment.

July 17th: Building materials transaction volume 84,000 tons, up 9.95% from the previous trading day. July 16th: Building materials transaction volume 76,400 tons, down 18.2% from the previous trading day. July 15th: Building materials transaction volume 93,400 tons, down 4.6% from the previous trading day. July 14th: Building materials transaction volume 97,900 tons, up 44.18% from the previous trading day. July 13th: Building materials transaction volume 67,900 tons, down 9.1% from the previous trading day. Last week's average: Building materials transaction volume 90,000 tons. This week's average: Building materials transaction volume 80,000 tons.

British Labour Party leader Burnham: How can we control inflation if we don’t have enough public control over the cost of basic necessities?

Labour Party leader Burnham: I have not yet decided on cabinet members.

July 17th - Ebury's Matthew Ryan stated in a report that the pound may weaken after its recent rebound, driven by optimism surrounding Andy Burnham's potential appointment as Prime Minister following Keir Starmer's resignation. "We believe the pound's rebound is somewhat justified, but it increasingly resembles an example of 'buy the rumor, sell the fact,'" Ryan said, adding that sluggish UK economic growth and uncertainty surrounding future fiscal policy could lead to a weaker pound.