CandyKisses: Gold Closes Above $2,000 An Ounce, Notching Weekly Gains 25/11/2023
Gold prices rose above the $2,000 level during Friday’s trading, recording its second consecutive weekly gains, as it received support from the weakness of the dollar and bets on bets that the Federal Reserve has finished the monetary tightening cycle.
Gold prices rose in spot trading by 0.5% to $ 2001.97 an ounce, and achieved a weekly gain of 1%. U.S. gold futures closed the session 0.5% higher at $2003 an ounce.
Philip Streibel, chief market strategist at Blue Line, said the dollar index is deteriorating due to weaker data released this week that would turn the Fed into a more dovish trend and then could serve as a support for gold in 2024.
The dollar index fell 0.4% and recorded its second weekly decline amid growing expectations that the Fed could start cutting interest rates by May next year.
Traders broadly expect the Fed to leave interest rates unchanged at the December meeting, while expecting a roughly 64% chance of a cut as early as May, according to CME’s FedWatch.
Tishwash: Al-Rafidain launches a campaign to adopt electronic payment in daily financial transactions
Today, Saturday, Rafidain Bank announced the launch of a campaign to rely on electronic payment and open bank accounts for citizens.
The bank’s media office stated, in a statement, a copy of which was received by NRT Arabia, that “the mobile field teams of the Rafidain Bank branches are conducting extensive visits to shop owners, commercial centers, universities and other sectors.”
The statement added, “This comes to review the banking services and facilities provided to customers, the procedures for opening bank accounts, and the move to adopt electronic payment in daily financial transactions.” link
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CandyKisses: Advisor to the Prime Minister announces a platform for Iraqi and Chinese businessmen
Economy News-Baghdad
Advisor to the Prime Minister for Investment Affairs and Executive Director of the Iraq Fund for Development, Mohammed Al-Najjar, outlined on Saturday the importance of the relationship between Iraq and China, while announcing a platform for Iraqi and Chinese businessmen.
Al-Najjar said, during the founding ceremony of the Iraqi-Chinese Business Council, under the auspices of Prime Minister Mohammed Shia Al-Sudani, that “China was characterized by several qualities, including that it is the only country that was able to save 400 million people from the poverty line within 20 years, and this is a great experience that everyone must benefit from, and the second characteristic is its transition from a communist economy under the state by 100% to a real common economy that has become productive.”
He added: “The third characteristic, which is very important as it relates to the experience gained by China through 4,000 years of civilization, which is how to develop a team capable of managing the variables of the state,” noting that “Iraq looks at China as a friend and as a country that shared its concerns at a stage that abandoned a lot of it.”
He continued: “We seek to learn a lot from China regarding how to change the framework and systems of the state,” noting that “China has a principle called special economic zones, and this is an experience that must be used in Iraq to change our economic reality.”
He pointed out that “China’s GDP in 1979 did not exceed 120 billion, but today China is the second largest economy in the world through 40 years of changes that have occurred not only on a political basis, but on an economic and political basis at the same time,” expressing his hope to “start a new phase of the relationship with China.”
He stressed that “renewed trade and industrial projects between Iraq and China,” pointing out that “the Iraqi-Chinese Business Council will be a platform for businessmen of the two countries.”
Courtesy of Dinar Guru https://www.dinarguru.com/
Pimpy If you are being forced to rely on the US dollar that strengthens the US dollar. Think supply and demand. If the US keeps going around forcing these countries to have a dual currency and to take the US dollar, people will rather have the US dollars. They believe those dollars to be stronger but as people start to de-dollarize and get away from using the US dollars and start using their currencies that strengthens their currency and weakens the US dollar…
Militia Man Article: “Ministry of Transport intends to open direct airlines towards Australia, America, Malaysia” It’s not just about a few regional countries. It’s about many different places. Once you start opening up the airports all the investors can gain access to the country to take charge of their investment, produce their businesses. It’s a really big thing to have an international airport full…they have their capacity…what they’re using today is at 100% and they’re not even international yet…
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WARNING: Investors Are DUMPING U.S. Dollar As The Federal Reserve Is Expected To Cut Rates Soon
Lena Petrova: 11-25-2023
