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On May 11, French President Emmanuel Macron, who was visiting Kenya on May 10, stated that France had "never considered" any "deployment" in the Strait of Hormuz. In response to plans by France and the UK to send additional warships to the Red Sea and the waters surrounding the Strait of Hormuz, Iranian Deputy Foreign Minister Gharibabadi posted on social media on May 10 that any external military deployment under the guise of "protecting shipping" would "no less exacerbate the crisis and militarize this crucial waterway." Only Iran can guarantee the security of the strait and will not allow any country to interfere.On May 11, following reports that Iran had responded to the US ceasefire proposal, Sultan Barakat, a professor at Hamad bin Khalifa University in Qatar, warned against expecting a swift breakthrough in negotiations. Barakat stated that a comprehensive peace agreement is still a long way off, and this should not be considered the end of the US-Iran conflict for an extended period. He pointed out that Iran has accumulated considerable resentment during the war; the deaths of its supreme leader and his family, numerous senior officials, and the immense destruction caused by the war have made it difficult for the Iranian people to trust the United States. However, both sides hope to extend the ceasefire as long as possible and use it as a starting point for gradually resolving various issues through negotiations. Barakat noted that Iran initially hoped for a comprehensive peace agreement but has now shifted to a phased approach. He speculated that Iran might want to restore navigation through the Strait of Hormuz and propose a joint oversight plan with the US.On May 11, according to the Iranian Students News Agency, the head of the Iraqi military media center responded to foreign media reports about the existence of Israeli bases in Iraq, declaring that the news was baseless and untrue.The Kingdom of Bahrain condemned Irans continued blatant attacks on the United Arab Emirates.US Ambassador to the United Nations: Iran cannot hold the world economy hostage.

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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