Business Brief (Oct. 22): Gold Suffers Sharpest Intraday Drop in 12 Years
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Gold and silver prices tumble
COMEX gold futures fell 5.1% and silver futures dropped 6.3% Tuesday. Spot gold declined 5.2% and at one point recorded its steepest intraday drop since April 2013, while spot silver fell 7.2% and at one point posted its largest intraday fall since 2021.
Trump says he will visit China early next year
U.S. President Donald Trump has said he will visit China early next year. In response, a spokesperson for the Chinese foreign ministry said that head-of-state diplomacy plays an irreplaceable strategic role in China-U.S. relations and that the leaders of the two countries maintain close communication. However, the spokesperson said that they had no specific information to provide on the matter.
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- Gold futures fell 5.1% and silver 6.3% on COMEX; spot gold and silver saw their steepest drops in years.
- OpenAI launched ChatGPT Atlas browser; EU to phase out Russian gas imports by 2028; China’s EV charging points reached 18.1 million, up 54.5% year-on-year.
- U.S. and Australia signed a critical minerals pact; Trump plans China visit next year; Pop Mart's Q3 overseas revenue rose 365%-370%.
- Nio
- Nio, a Chinese automaker, is adopting aggressive pricing strategies. For example, the revamped ES8 SUV launched in September with a starting price that was 18% (over 90,000 yuan) less than its predecessor. This move highlights the intense market pressure faced by Chinese automakers.
- Geely
- Geely is a Chinese automaker mentioned in the context of aggressive pricing strategies. Its Lynk & Co 08 model launched with a limited-time price that was 26,000 yuan lower than its predecessor, reflecting intense market pressure.
- Lynk & Co
- Lynk & Co, a brand under Geely, has adopted aggressive pricing strategies for its new models. Its 08 model debuted with a limited-time launch price that was 26,000 yuan below the starting price of its predecessor, reflecting market pressures faced by Chinese automakers.
- OpenAI
- OpenAI launched its ChatGPT Atlas browser on October 21. This new browser is designed around ChatGPT, allowing users to conduct AI searches directly within a webpage.
- Pop Mart International Group Ltd.
- Pop Mart International Group Ltd., listed in Hong Kong, announced a substantial year-on-year revenue growth of 245% to 250% in the third quarter. Its overseas sales experienced an even more significant surge, increasing by 365% to 370% during the same period.
- Huawei Technologies Co. Ltd.
- According to the article, Huawei Technologies Co. Ltd. is preparing to release HarmonyOS 6. No further details about the company are provided in the given text.
- Cambricon Technologies Corp. Ltd.
- Cambricon Technologies Corp. Ltd., a Shanghai-listed company, recently completed a 4 billion yuan private placement. However, the company experienced a slowdown in its revenue growth during the third quarter.
- 2025：
- U.S. and Australia signed a critical minerals agreement.
- September 2025：
- Nio launched revamped ES8 SUV at a significant price drop; Geely’s Lynk & Co 08 debuted with a launch price lower than the previous version.
- By the end of September 2025：
- China’s EV charging points reached 18.1 million.
- October 21, 2025：
- COMEX gold futures fell 5.1% and silver futures dropped 6.3%. Spot gold declined 5.2% and saw its steepest intraday drop since April 2013; spot silver fell 7.2% for its largest intraday fall since 2021.
- October 21, 2025：
- China’s Commerce Minister Wang Wentao spoke by phone with his Dutch counterpart to discuss Nexperia.
- October 21, 2025：
- OpenAI announced the launch of ChatGPT Atlas browser.
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