Demand for gold surged to an 11-year high last year. This is due to large-scale purchases on the back of high activity by retail investors and a slowdown of ETF outflows.
RBNZ governor says the bank's policy to be contractionary
The head of the Reserve Bank of New Zealand (RBNZ) said Thursday that interest rates must be raised in order to curb inflation. In this regard, the country may enter recession.
New Zealand Central Bank Governor Adrian Orr regretted the negative impact of inflation on the country's population. Thus, overcoming the bank's inflation target of 2% led to higher economic costs.
Earlier, the RBNZ raised its official cash rate to 4.25 %. This was a 75-basis-point hike, being a record level for the country. New Zealand is projected to face a one-year recession in 2023 as rates continue to climb.
The central bank is going to keep on monetary tightening. Interest rates in the country are expected to hit 5.5%. This will exceed market forecasts of 4.1%.
Adrian Orr noted that the RBNZ plans to limit economic growth, risking to go beyond existing funds. Therefore, the bank is set to pursue a contractionary monetary policy.
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Energy and Precious Metals Market events for February 2-3, 2023
Last year recorded an increased demand for gold up to the levels of 2011
Exxon Mobile is criticized for $56 billion profit
White House Supports Alaska Oil Project
Aluminum buyers from Japan agreed to pay extra charges in the first quarter
Latest news
Last year recorded an increased demand for gold up to the levels of 2011
1 February
Exxon Mobile is criticized for $56 billion profit
1 February
The White House expressed a negative assessment of the record profit of Exxon Mobile in 2022. The company earned $56 billion, and it’s a maximum for both itself and the whole oil industry of Western countries.
White House Supports Alaska Oil Project
1 February
The US Interior Department’s Bureau of Land Management supports an accelerated plan of oil production. It includes 3 new wells across the Willow site in the Petroleum Reserve-Alaska, instead of having 5 wells predetermined earlier.
Energy and Precious Metals Market events for February 2-3, 2023
2 February
On February 2, the focus is on natural gas reserves in the United States. On February 3, data on oil rigs from Baker Hughes and speculative positions on oil and gas, gold, silver, aluminum and copper are on the agenda.
Aluminum buyers from Japan agreed to pay extra charges in the first quarter
1 February
Japan was buying aluminum at a surcharge. Shipments from January to March were at $85-86 per ton, which is 13-14% less than in the previous quarter. Resources report weak demand and strong reserves of aluminum.