The price of precious metals surged while crude futures plummeted on Tuesday, after a 2-week ceasefire was reached between Iran and the United States.
U.S. President Donald Trump announced that he has agreed to "suspend the bombing and attack of Iran for a period of two weeks." The decision is "subject to" Iran agreeing to the complete, immediate and safe opening of the Strait of Hormuz, he wrote on social media.
On the Iranian side, Foreign Minister Seyed Abbas Araghchi has said that Iran will cease "defensive operations" if attacks against it stop. He also promised safe passage through the Strait of Hormuz during the 2-week ceasefire under "coordination" with Iranian armed forces, saying that Iran will hold negotiations with the U.S. side in Pakistan's capital Islamabad.
With the ceasefire agreement being announced, the NYMEX crude oil futures price plunged from an intraday high near 118 U.S. dollars to below 92 dollars, dropping over 22 percent. Later, the figure has been gradually rebounding back to almost 100 dollars.
In contrast, the price of gold and silver has been soaring. June gold futures on the New York Mercantile Exchange climbed above 4,800 U.S. dollars per ounce, with gains at one point approaching 4 percent. May silver futures surged more than 6.5 percent, topping 76 U.S. dollars per ounce.
The rise of gold price is supported by weakened U.S. dollars and falling oil price. Analysts believe that if the war in Iran stops, the Federal Reserve may cut interest rates by the end of this year, which could further push up the gold price.
U.S.-Iran ceasefire lifts precious metals, weighs on crude oil futures
Local authorities across China are looking to capitalize on the seasonal attractions of spring time, aiming to entice visitors to enjoy scenic landscapes and offering up wider tourism activities to unlock fresh economic potential.
As temperatures rise across China, blossoming floral scenery in both urban and rural areas is revitalizing the tourism market, creating a demand for visitor experiences as more people are keen to head outdoors.
Innovative initiatives are creating diverse new consumption scenarios, and a thriving 'flower economy' is taking shape, transforming seasonal flower viewing into a much more comprehensive consumption ecosystem that spans catering, tourism, and other leisure activities.
In the Zhaoxian County of Shijiazhuang City in north China's Hebei Province, an expansive field of pear trees has entered its full bloom period, providing a picturesque escape for visitors.
Local authorities have also sought to create a vibrant atmosphere at this stunning scenic spot by arranging performances by traditional lion dancers, local delicacies, cultural and creative product workshops, and traditional Hanfu clothing rental and makeup services -- all of which creates a rich and immersive cultural experience for visitors.
In east China's Jinan City, tourists are flocking to the rural Lunan Village to admire the blooming tulips which are filling hillsides with an assortment of color.
Local authorities have introduced a broader tourism-focused model integrating flower viewing with an overnight camping experience, providing over 4,000 campsites, encouraging people to extend their stay and boosting local consumption.
During the just-concluded Qingming Festival holiday, also known as the Tomb-sweeping Festival, hotels and homestays in Lunan Village were almost all fully booked, with the overall tourism revenue reaching some 1.5 million yuan (over 218,700 U.S. dollars) during the three-day holiday.
In southwest China, Lijiang City of Yunnan Province has launched a tourism route integrating flower appreciation and wetland experiences, as well as series of rural leisure activities, attracting visitors who are eager to engage in this idyllic countryside lifestyle.
While tung tree flowers are blooming across the hills of Zheng'an County in southwest China's Guizhou Province, the quiet mountain town comes alive at night with the sound of music.
The unassuming county is in fact the world's largest guitar production base, creating well over 2 million instruments annually, with one out of every seven guitars worldwide being made here.
The county is looking to tap into its local strengths by combining its natural beauty with cultural events such as concerts and live acoustic performances, enhancing its appeal and driving local economic growth.
Spring-time tourism blossoms in China as scenic landscapes, leisure activities drive consumption
