English Notes

  Interest rate environment is likely to remain supportive into 2024 “The average performance of Gold in the past five rate hike cycles has been 12-15%, so we can expect that rate of return in 2023, which suggests a target price of $1,900 towards the end of the year.” “The interest rate environment is likely to remain supportive into 2024, as the  Fed  starts cutting interest ratesonce inflation is managed within its target range.” “We also expect a sustained decline in US 10y Real Yields, which is likely to stabilise in H2 2023.”  “We believe investors will start positioning themselves in H2 2023 against growing recession risks. An economic ‘hard landing’ would be an upside risk for  Gold prices , which could bring forward the rate cut in late 2023.

Russia will sell crude oil to Pakistan at a discounted price, Pakistan's state minister for petroleum said on Monday, days after he led a government team to Moscow to negotiate the deal. Read more at: https://economictimes.indiatimes.com/news/international/world-news/russia-to-sell-discounted-crude-to-pakistan-says-petroleum-minister/articleshow/96004563.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst Russia will also supply discounted petrol and diesel to Pakistan, Musaddiq Malik told a news briefing in Islamabad. He did not specify the price of the discounted Russian oil or say whether the imports would comply with a $60 per barrel cap imposed by the G7 rich nations and the EU on Russian seaborne oil from this week over Russia's invasion of Ukraine. Moscow has said it will not sell to countries that comply with the cap. Read more at: https://economictimes.indiatimes.com/news/international/world-news/russia-to-sell-discounted-crude-to-pakistan-say...