During early Asian trading hours on Tuesday (Beijing Time, January 13), spot gold was trading near $4584 per ounce. Gold prices surged to a fresh all-time high of $4630.08 per ounce on Tuesday, as uncertainty stemming from the Trump administration's criminal investigation into Federal Reserve Chair Powell drove investors towards safe-haven assets. U.S. crude oil traded around $59.71 per barrel, with oil prices climbing to a seven-week high on Monday amid market concerns that Iranian oil exports could decline as President Trump pressured the country's leadership.
The stock market closed higher on Monday, with the S&P 500 and the Dow Jones Industrial Average hitting record closing highs. Gains in technology stocks and retailer Wal-Mart lifted the market, as investors largely digested the news that the U.S. Department of Justice had launched a criminal investigation into Fed Chair Powell. Shares of Wal-Mart rose 3%, pushing the S&P 500 and Nasdaq indices higher. The retailer is set to be included in the Nasdaq 100 Index on January 20, a move expected to attract significant inflows from passive index funds. The consumer staples sector rose 1.4%, while the technology sector also climbed. The market opened lower initially due to the news of the Powell investigation. The DOJ's threat to prosecute Powell, related to his policy statements to Congress concerning a building renovation project, sparked concerns about the Federal Reserve's independence. Powell characterized the move as a "pretext" to influence interest rates. Since taking office in 2025, President Trump has repeatedly called for significant rate cuts. Analysts noted that the market had already priced in the news to some extent, and support for Powell from former Fed officials helped ease concerns. Investors are focusing on the upcoming fourth-quarter earnings season, expecting the technology sector to lead profit growth, with overall S&P 500 earnings projected to increase 8.8% year-over-year. The earnings season begins on Tuesday with reports from major banks like JPMorgan Chase. Trump's call for a one-year cap on credit card interest rates at 10%, starting January 20, pressured financial stocks. The S&P 500 financial index fell 0.8%, with shares of Citigroup, American Express, and Capital One all declining. Investors are also awaiting the U.S. Consumer Price Index report due Tuesday for clues on the Fed's rate-cut outlook. Markets currently anticipate at least two more 25-basis-point rate cuts before the end of the year.
Gold prices broke above $4600 per ounce on Monday, reaching a record high, while silver prices also hit a historic peak. Uncertainty from the Trump administration's criminal investigation into Fed Chair Powell prompted a flight to safe-haven assets.
Spot gold rose 2.2% to $4609.58 per ounce, after touching an intraday high of $4630.08. U.S. gold futures closed up 2.5% at $4614.70 per ounce. Spot silver surged 6.8% to $85.39 per ounce, after reaching a record high of $86.22 during the session. Analysis suggests the investigation into Powell has heightened market uncertainty, and factors supporting gold's rise are unlikely to change in the short term. Furthermore, expectations that the Fed may cut rates further later this year have also boosted demand for non-yielding assets like gold. Geopolitical tensions also provided support for gold. The Trump administration is considering a response to Iran's crackdown on protests, having previously ousted Venezuelan President Maduro and expressed interest in acquiring Greenland. Among other precious metals, spot platinum rose 3% to $2342.10 per ounce, while palladium gained 2.5% to $1861.44.
Oil prices climbed to a seven-week high on Monday, primarily due to concerns that Iranian oil exports could decline. The country is facing internal protests, while President Trump indicated he might take measures, including military action, to pressure Iran's leadership. Simultaneously, geopolitical risks in Russia and Venezuela also contributed to price volatility.
Brent crude rose 1.94% to settle at $64.2 per barrel, its highest level since November 18 of last year. U.S. crude gained 1.8% to close at $59.84 per barrel, a high not seen since December 5. Although Iranian supply risks supported prices, the expectation that Venezuela would resume oil exports following the ouster of President Maduro limited the upside. Trump stated last week that Venezuela would transfer up to 50 million barrels of sanctioned oil to the U.S., and oil companies are actively arranging tanker shipments. Additionally, the market is monitoring the risk of potential supply disruptions from Russia. Ukrainian attacks targeting Russian energy facilities, coupled with the possibility of stricter U.S. sanctions, have intensified supply concerns. A Goldman Sachs report noted that geopolitical risks will continue to cause oil price volatility, but new supply could lead to a market surplus this year, exerting downward pressure on prices.
The U.S. dollar index fell on Monday, mainly impacted by the U.S. Department of Justice's threat of criminal proceedings against Fed Chair Powell. This move raised concerns about the Fed's independence and the dollar's long-term prospects, interrupting the currency's New Year rally.
Powell described the DOJ subpoena he received as a "pretext" by the White House to influence interest rate policy. The White House denied that Trump had directed the investigation into Powell. Powell's term ends in May, and Trump is considering candidates to replace him, with expectations leaning towards a more dovish chair. On the geopolitical front, Iran stated that communication channels with the U.S. remain open, while the Trump administration is considering a response to Iran's crackdown on protest activities. The dollar index fell 0.37% to 98.87. The euro rose 0.29% against the dollar, while the Swiss franc showed strength, with the dollar falling 0.54% against the franc. The dollar rose 0.15% against the yen to 158.12 yen, touching a one-year high, largely influenced by factors like declining real wages in Japan. The next market focus is the U.S. December Consumer Price Index report due Tuesday. Furthermore, an impending U.S. Supreme Court ruling on the legality of tariffs implemented by Trump could also impact the dollar's trajectory.
President Trump is expected to interview Fed chair candidate Riedel this week. U.S. President Trump will interview Rick Riedel, BlackRock's chief bond investment manager, for the position of Federal Reserve Chair on the 15th. Available information indicates Riedel is one of the final candidates to replace current Fed Chair Jerome Powell.
Iranian Foreign Minister: Iran is prepared for all possibilities. In an interview with Al Jazeera on the 12th, Iranian Foreign Minister Araghchi stated that Iran is prepared for all possibilities and hopes the U.S. makes a "wise choice." If the U.S. chooses military means, Iran is also prepared. Araghchi said compared to the "12-Day War" triggered by Israel's surprise attack on Iran in June of this year, Iran's current "military preparations are sufficient and extensive."
Hungarian Foreign Minister: If UK and France send troops to Ukraine, NATO could face direct conflict with Russia. On the 12th, Hungarian Foreign Minister Szijjártó stated that if Britain and France dispatch troops to Ukraine, it would pose a serious risk of direct conflict between NATO and Russia. As a neighbor of Ukraine, Hungary faces the possibility of being dragged into the war.
EU Official: If U.S. seizes Greenland by military means, NATO will "come to an end." On the 12th, EU senior defense official Kubilius stated that the EU could provide security support for Greenland if requested by Denmark, warning that if the U.S. were to seize Greenland by military means, it would mean NATO "coming to an end." (Xinhua)
Greenland Self-Government: Under no circumstances can it accept U.S. takeover of Greenland. The Government of Greenland issued a statement on the 12th saying it cannot under any circumstances accept a U.S. takeover of Greenland. The statement said Greenland is part of the Kingdom of Denmark and also part of NATO, and its defense should be achieved through NATO. The statement indicated that Greenland will remain part of the Western defense alliance at all times in the future. All NATO member states, including the U.S., share common interests in Greenland's defense. The Government of Greenland will work with Denmark to promote Greenland's defense affairs within the NATO framework. (Xinhua)
Prime Minister Takaichi considers dissolving Lower House; Japanese opposition parties discuss cooperation prospects. Japanese Prime Minister Takaichi is considering dissolving the House of Representatives. Sources revealed that Takaichi has instructed the Liberal Democratic Party to accelerate the nomination of candidates for the Lower House election. Facing the possibility of dissolution, opposition figures Noda and Saito have begun discussions on cooperation. Takaichi's potential dissolution of the Lower House may prioritize party interests, leading to questions about the rationale for dissolution. (CCTV News)
Fed Chair Powell under criminal investigation, impacting U.S. market confidence. Recently, news emerged that U.S. federal prosecutors have launched a criminal investigation into Federal Reserve Board Chair Powell. The investigation primarily concerns a Fed office building renovation project led by Powell. The project's initial budget in 2019 was approximately $1.9 billion, but due to significant increases in construction material costs, the budget swelled to nearly $2.5 billion, criticized as "luxury renovations." On the 11th, Powell issued a statement responding, saying the federal prosecutors' charges against him are all a "pretext." Analysis points out that the Trump administration's actions could lead to external concerns that U.S. monetary policy is subject to political pressure, shaking market confidence in Fed policy. If the Fed yields to U.S. government pressure and pursues unrealistically low interest rates, it could render monetary policy ineffective in regulating the economy and weaken the stability of the dollar and the U.S. financial system. (CCTV News)
Adriatic oil pipeline to resume oil supply to Serbia's key refinery. On January 12 local time, Serbian Energy Minister Handa Nović stated that starting at midnight local time that day, Serbia's key Pančevo refinery would resume crude oil supply via the Jadranski naftovod (JANAF) pipeline. This marks a significant development after nearly 100 days of supply disruption. JANAF is a Croatian state-owned energy company responsible for operating a transnational pipeline network connecting Adriatic Sea ports with multiple Central and Eastern European countries, serving as a crucial route for Serbia's crude imports via the Adriatic. Handa Nović said the first batch of crude oil would arrive early on the 13th, with supplies continuing throughout the week. This shipment, about 85,000 tons, will be used to resume production at the Pančevo refinery, owned by Serbian Oil Industry. She expects that after the resumption of supply and related preparations, the Pančevo refinery will restart production around January 16, with products like diesel planned to enter the market around the 26th or 27th of this month. An additional 35,000–45,000 tons of crude oil are expected to arrive next week to support the refinery's operations. (CCTV News)
Trump says he will impose 25% tariff on Iran's business partners. On the afternoon of the 12th, U.S. President Trump posted on social media that any country engaging in business with Iran will be subject to a 25% tariff on any business it conducts with the U.S. Trump called this a "final" decision effective "immediately." Trump did not provide specific details in his social media post. As of the time of reporting, the White House had not released an official document on the matter. Given the long-standing severe U.S. sanctions on Iran, there are no commercial ties or formal diplomatic relations between the two countries, making it impossible for the U.S. to exert direct pressure on Iran effectively through tariffs. White House Press Secretary Levitt said earlier that day that regarding the current situation in Iran, Trump views diplomacy as the "preferred" option, but would "not hesitate to use U.S. military force" if he deems it necessary. Previously, multiple U.S. media outlets reported that Trump had recently been briefed on options for military strikes against Iran. (Xinhua)
Brain-Computer Haibe Laboratory: Develops fifth-generation space station on-orbit brain-computer interaction system, completes humanity's first "space brain-computer interface experiment." Recently, an article titled "Breaking Through the Technology Chain, Completing the Talent Chain, Promoting the Transformation and Application of Brain-Computer Interface Scientific and Technological Achievements," authored by Ming Dong, Director of the Brain-Computer Interaction and Human-Machine Coexistence Haibe Laboratory and Vice President of Tianjin University, was published in "New Industrialization," a journal supervised by the Ministry of Industry and Information Technology and hosted by the China Center for Information Industry Development. Ming Dong mentioned that the team at Tianjin University's Brain-Computer Interaction and Human-Machine Coexistence Haibe Laboratory focuses on the non-invasive brain-computer interface field, continuously promoting technological innovation and industrial application. Currently, they have established a full-chain layout integrating high-performance devices, chips, algorithms, platforms, system integration, key foundational technologies, and application sets. In the clinical application domain, the "Shengong" series of innovative brain-computer interactive medical devices developed by Tianjin University have been successively introduced, gradually covering clinical scenarios such as stroke rehabilitation, motor assistance for spinal cord injuries, depression diagnosis and treatment, and hearing障碍诊疗. In the aerospace field, they have designed and developed a fifth-generation on-orbit brain-computer interaction system for the space station, completed humanity's first "space brain-computer interface experiment," and achieved significant applications in subsequent manned spaceflight missions, serving the precise detection of astronauts' functional and emotional states, enhancing astronaut performance, and providing key technological support for the new generation of medical and human-factor support systems in China's manned space program. (CCTV)
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