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.
Bank of Japan notes the rise in prices of many goods in a once deflationary country
The Bank of Japan released the research note due to the growing inflationary pressure. It says that more Japanese firms raise prices. This situation occurs even in spheres that were rarely passing the cost on to customers.
Analysis of BOJ’s quarterly report showed that the prices had grown in many fields. The note indicates that the price spike affected even drug stores and electronic goods. These fields were traditionally attracting clients with big discounts.
Also, the research note indicates that sudden price growth for commodities forced some companies to increase prices for the first time in 30 years.
Such documents are drawn up by BOJ’s employees. They don’t reflect the official position of the central bank. However, they often cover topics that are important for monetary policy decisions.
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Energy and Precious Metals Market events for February 2-3, 2023
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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.