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Iran’s chief negotiator warned that economic pressure is the main threat.On May 7th, local time, US President Trump stated in a speech on May 6th that the current conflict with Iran is a "small-scale conflict," and that the US is "making very good progress." Trump said that the US operation in Iran is "going very smoothly," and that Iran "wants a deal, wants to negotiate." He emphasized that the US will not allow Iran to possess nuclear weapons and will continue to push for an agreement that "satisfies the United States." On the military front, Trump described the US blockade against Iran as "extremely strong," and stated that Iran "can hardly do anything in or out." He also stated that the US has "complete control of the situation." Trump further warned that if Iran does not accept the agreement, it will ultimately be forced to agree to the relevant conditions.On May 7, the U.S. Central Command posted on social media that an empty Iranian oil tanker attempted to break through a U.S. blockade to reach an Iranian port in the Gulf of Oman. A U.S. carrier-based fighter jet damaged the ships rudder with its cannon, preventing the vessel from reaching Iran.US President Trump: The United States is far ahead in the field of space.On May 7th, Chicago Federal Reserve President John Goolsby warned against instinctively lowering interest rates due to faster productivity growth, as this phenomenon can sometimes push up inflation. In prepared remarks delivered before a panel discussion at the Milken Institute Global Conference on Wednesday, Goolsby stated that the Feds response to faster productivity growth "depends largely on whether productivity growth is unexpected or anticipated." He explained that in the first case, inflation might be contained, allowing for lower interest rates. In the latter case, the additional investment and spending resulting from productivity growth could push up inflation, necessitating higher interest rates. Furthermore, he emphasized the need to be wary of consumption and investment driven by expectations of future growth. "The more hype there is, the greater the need to raise rates to prevent overheating," he said.

Forecast for the price of gold: XAU/USD eases below the $1,804 barrier as Fed hawks back off due to weaker US inflation

Alina Haynes

Aug 11, 2022 11:58

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US inflation-driven gains in the price of gold (XAU/USD) are fading as the metal declines to $1,790 on Thursday during the opening Tokyo session. The recent decline in the price of precious metals may be related to conflicting worries about the US Federal Reserve's (Fed) upcoming actions as well as Sino-American friction.

 

On Wednesday, the US Consumer Price Index (CPI) fell to 8.5% YoY in July, below the 8.7% consensus and the 9.1% reading from June. According to Reuters, US President Joe Biden stated on Wednesday that there are some indications that inflation may be decreasing after the US released its inflation data. In the coming months, there may be more challenges for us to overcome, Biden continued. US President Biden continues, "We still have work to do, but we're on track."

 

Following the CPI report on Wednesday, traders of futures linked to the Fed's benchmark interest rate reduced their bets on a third consecutive 75-basis-point raise at its policy meeting on September 20-21 and now see a half-point increase as the most likely scenario, according to Reuters.

 

Neel Kashkari, president of the Minneapolis Fed, recently stated that the Fed is "far, far away from declaring success" on inflation. Additionally, the decision-maker stated that he hasn't "seen anything that changes" the need for the Fed to raise its policy rate to 3.9% by year's end and to 4.4% by the end of 2023. Charles Evans, president of the Chicago Fed, said in another place that a recession would likely require unfavorable circumstances to occur. Also labeling inflation "unacceptably" high, Fed's Evans

 

Additionally, according to sources cited by Reuters, US President Biden is reconsidering his China tariff policy in light of Taiwan's response, which put the XAU/USD bulls on the defensive.

 

S&P 500 Futures print modest gains near 4,220 by press time against this backdrop after Wall Street rose and US Treasury yields were largely unchanged the day prior.

 

Moving on, the monthly Producer Price Index (PPI) for July and the weekly US Jobless Claims numbers may amuse gold traders. However, in light of recent risk-negative headlines, special focus should be placed on the qualitative variables.

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