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A relaxation in COVID-19 restrictions and the anticipation of higher demand ahead of the Chinese New Year are driving a rise in gold prices in China. Gold prices reached their highest level earlier this week on 17th January after six months as spot gold jumped  to $1,816.69 per ounce by 1:52 p.m. ET (1852 GMT), rising to $1,832.99. "Gold is following the decisions by China to further ease COVID restrictions," on the anticipation of higher demand from the region and in spite of rising yields," Bob Haberkorn, senior market strategist at brokerage firm RJO Futures told news agency Reuters in an interview. A report by the World Gold Council on China’s gold market predicts that China’s economic recovery and gold consumption are likely to benefit  from the relaxation of the strict zero-COVID policy. The report also mentions that local gold consumption is also likely to receive traditional festive boosts from the Chinese New Year’s (CNY) holiday in late January. Bloomberg’s … [Read more...] about China’s gold demand slated to support high prices ahead of Chinese New Year

(Image: Congress) Union Minister Anurag Thakur on Saturday hit out at the Congress over its Bharat Jodo Yatra, accusing the party of abdicating its responsibility by flouting Covid protocols when the pandemic was rearing its head once again. Thakur also sought to know whether Rahul Gandhi, who is leading the Bharat Jodo Yatra, had undergone his Covid test as Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu, who had walked alongside him last week, was infected with coronavirus. ''Covid cases are rising in China and Japan. There are long queues outside hospitals, dead bodies are piling up. But you are not bothered about the interests of the country. You are bothered about only one family. Congress has displayed this attitude time and again,'' the senior BJP leader said. He also claimed that members of the ''tukde-tukde'' gang were walking alongside Gandhi in the Bharat Jodo Yatra, which entered Delhi on Saturday. ''If any one is walking with the Yatra, they are the … [Read more...] about Congress flouting Covid protocols: Union Minister Anurag Thakur as Bharat Jodo Yatra reaches Delhi

Representative image China's State Council joint prevention and control mechanism against COVID-19 has released a virus prevention and control plan. The new protocol has been released in accordance to the decision to downgrade the epidemic management from Class A to Class B. The new protocol stresses upon increasing inoculation of the vaccine, self protection against the virus and on monitoring the virus via China's national influenza surveillance network according to a report by the Global Times. Moneycontrol could not independently verify the report. Here's all that you need to know about the new Covid protocol: More Hospitals Citing the national influenza surveillance network the report said that 554 national influenza surveillance sentinel hospitals are required to conduct surveillance for influenza-like illness (ILI) and severe acute respiratory infections (SARI) surveillance. Genome Sequencing The new protocol urges upon collection of samples from … [Read more...] about China’s new Covid-19 control protocol calls for monitoring mutated variants: Report

China doctors battle covid surge (Image: AFP) A furious, wide-ranging argument is unfolding on the internet in China over the reversal of the government’s strict pandemic policies and the massive COVID surge that followed. The divisions are challenging the Communist Party’s efforts to control the narrative around its pandemic pivot. Since the party abandoned “zero-COVID” last month, many online commenters have staked out opposing positions over seemingly all manner of questions. Who should be blamed for the explosion of cases and deaths? Is a top government-appointed health expert trustworthy? Is omicron really less severe, as Chinese officials now say, when hospitals seem to be filling up with sick patients? They are even arguing over whether people should be allowed to set off fireworks during the upcoming Spring Festival holiday, after many did so during the New Year. The digital finger-pointing reveals a country that is deeply polarized, with each side distrustful and … [Read more...] about As China reopens, online finger-pointing shows a widening gulf

Najing East Road shopping area in Shanghai on Jan. 24. Tourist spots were swamped, movie theaters were packed and fireworks displays lit up the night sky as China celebrated the Lunar New Year with an abandon that marked the end of its three-year Covid Zero experiment. The sudden dismantling of China’s Covid restrictions in December allowed everyone to travel and freely mingle for the country’s most important festival for the first time since 2019. More than 300 million trips were made during the holiday, nearly 90% of pre-pandemic levels, according to the Ministry of Culture and Tourism. The upbeat mood is good news for the Chinese economy and President Xi Jinping after widespread public anger over the zero tolerance policy erupted late last year, which raised uncomfortable questions and created the potential for backlash. While the revelry is a relief after recurring lockdowns, it also carries the risk of reigniting the omicron wave that scorched the country in recent … [Read more...] about China celebrated Lunar New Year like Covid no longer exists

Oil Crude oil prices rebounded on Wednesday as demand recovery hopes in top importer China following its exit from COVID-19 pandemic curbs provided support after prices dropped in the previous session on concerns about global economic growth. Brent crude futures gained 59 cents, or 0.7%, to $86.72 per barrel by 0214 GMT after falling 2.3% in the previous session. U.S. West Texas Intermediate (WTI) crude futures rose 46 cents, or 0.6%, to $80.59 per barrel, having dropped 1.8% on Tuesday. The economic worries were exacerbated by a bigger-than-expected build in U.S. oil inventories that was reported after the market settled on Tuesday. U.S. crude stocks rose by about 3.4 million barrels in the week ended Jan. 20, according to market sources citing American Petroleum Institute figures on Tuesday. That was triple the build of about 1 million forecast in a preliminary Reuters poll on Monday. "But the build is expected to be temporary as the supply disruptions from a cold … [Read more...] about Oil rebounds as China demand recovery optimism supports prices

U.S. crude inventories edged up by 533,000 barrels to 448.5 million barrels in the week ending Jan. 20 (Representative image: Reuters) Oil prices rose more than 1% on Thursday on expectations that global demand will strengthen as top oil importer China reopens its economy and on positive U.S. economic data . Brent futures rose $1.18, or 1.4%, to $87.30 a barrel by 11:42 a.m. EST (1642 GMT), while U.S. West Texas Intermediate (WTI) crude rose $1.12, or 1.4%, to $81.27. Earlier in the session, WTI was on track for its highest close since Nov. 16. Currently, however, both Brent and WTI were on track for their highest closing levels since Jan. 23. "WTI is deriving some support from liquidation of NYMEX (New York Mercantile Exchange) crack spreads as products begin to shift focus" from bullish supply disruptions in December to weaker demand, analysts at energy consulting firm Ritterbusch and Associates said in a note. U.S. crack spreads – measures of refining profit … [Read more...] about Oil up 1% as positive US economic data, China reopening boosts demand optimism

Oil prices reversed earlier gains on Friday as indications of strong Russian oil supply offset better than expected U.S. economic growth data, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand. Brent futures were down 51 cents, or 0.6%, at $86.96 a barrel by 11:29 a.m. EDT (1629 GMT.) U.S. crude fell 65 cents, or 0.8%, to $80.37. Both benchmarks rose by more than $1 earlier in the session but are now poised to break a three-week run of gains. Oil loadings from Russia's Baltic ports are set to rise by 50% this month from December as sellers try to meet strong demand in Asia and benefit from rising global energy prices, traders said and Reuters calculations showed. Urals and KEBCO crude oil loadings from Ust-Luga over Feb. 1-10 may rise to 1.0 million tonnes from 0.9 million in the plan for the same period of January, traders also. "If Russian supply remains strong heading into next month, oil is probably going to continue to trend … [Read more...] about Oil prices fall on profit taking, strong Russian supply

The expected surge in demand comes as the market braces for further sanctions on Russian oil Petrol and diesel prices held steady across metro cities on January 23, the latest price notification issued by fuel retailers showed. Petrol and diesel in Delhi cost Rs 96.72 per litre and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31/litre and diesel for Rs 94.27/litre. Petrol and diesel are priced at Rs 102.63/litre and Rs 94.24/litre in Chennai and at Rs 106.03/litre and Rs 92.76/litre in Kolkata, respectively. Oil prices drifted lower in early trade on January 23, thinned by the Lunar New Year holiday in east Asia, but held on to most of last week's gains on the prospect of an economic recovery in top oil importer China this year. Brent crude futures retreated by 46 cents, or 0.5 percent, to $87.17 at 0031 GMT, while US West Texas Intermediate (WTI) crude futures fell 40 cents, also down 0.5 percent, to $81.24 a barrel. Read More … [Read more...] about Fuel prices on January 23: Check petrol, diesel rates in Delhi, Mumbai and other cities

The World Bank slashed its growth forecasts for most countries and regions and warned that new adverse shocks could tip the global economy into a recession. Global gross domestic product will probably increase 1.7% this year, about half the pace forecast in June, the Washington-based lender said Tuesday. That would be the third-worst performance in the last three decades or so, after the contractions of 2009 and 2020. The bank, which also cut its growth estimates for 2024, said persistent inflation and higher interest rates are among the key reasons. It also cited the impact of Russia’s invasion of Ukraine, and a decline in investment. “The crisis facing development is intensifying” and the setbacks to global prosperity will likely persist, World Bank President David Malpass wrote in a foreword to the bank’s semi-annual Global Economic Prospects report. He said GDP in emerging-market and developing economies at the end of next year will be about 6% below the level … [Read more...] about World Bank cuts 2023 forecasts and warns of global recession