KTFA:
Clare: Among them is a new capital.. Iraq intends to establish 16 new residential cities
12/17/2022
On Saturday, the Ministry of Planning announced the existence of development plans to implement 119 housing projects, including 16 residential cities, noting that the idea of building a new integrated administrative capital for the country is within that plan.
The official spokesman for the Ministry of Planning, Abd al-Zahra al-Hindawi, said, in a statement reported by the official newspaper, that the administrative capital exists as a vision within the development plan for the city of Baghdad, and the places on which the administrative capital can be established are specific, but the implementation steps remain
One of the places chosen to establish the administrative capital is the area opposite the residential city of Bismayah on an area of more than 50 square kilometers, and it could be a new administrative capital to accommodate all government buildings located in the heart of the capital, Baghdad.
He added, “With regard to the issue of housing, there are many projects included in the development plan for Iraq in general and the capital Baghdad, and they need to be implemented, and among the development plans there are 119 housing projects throughout Iraq.” LINK
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Clare: Interest rates push gold to record the largest weekly loss in a month
12/17/2022
Gold prices recorded the largest weekly decline since mid-November, despite their recovery in the last trading week, Friday, after the US Federal Reserve indicated that there was a need for more interest rate hikes to curb inflation.
On Wednesday, the Federal Reserve raised interest rates by 50 basis points, as expected, and Chairman Jerome Powell said that the US central bank will continue to raise interest rates next year, despite the exacerbation of recession fears.
The US Federal Reserve raised interest rates by 50 basis points, bringing the interest rate to a range between 4.25% and 4.5%.
This was the seventh consecutive time that the US Federal Reserve raised interest rates during the current year 2022.
The prices of the yellow metal fell by 0.3 percent over the past week, despite its rise in spot transactions by 0.8 percent to $ 1791.59 an ounce in Friday trading.
US gold futures rose 0.7 percent to $1,800.20.
The European Central Bank and the Bank of England have indicated similar strategies to raise interest rates.
Commerzbank expects gold to decline to about $1,750 an ounce until the end of the US interest rate hike cycle becomes clear, and prices are expected to rise to $1,850 by the end of 2023.
Silver prices declined by 1.3 percent during the week, but rose by 0.4 percent in Friday’s trading, to reach $23.14 an ounce.
Platinum lost 1.4% to $992.43, and palladium fell 4.3% to $1,713.81. LINK
