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On May 17, Irans Fars News Agency, citing sources, reported that the US, in responding to Irans proposal, outlined five key conditions: the US would not pay any reparations or war damages; Iran would export and transfer 400 kilograms of enriched uranium to the US; only one Iranian nuclear facility would be allowed to remain operational; the US would refuse to unfreeze Iranian assets; and a ceasefire on all fronts would be contingent on negotiations. The report emphasized that even if Iran met these conditions, the threat of an attack on Iran by the US and Israel would persist. The report quoted analysts as saying that the US proposal was not aimed at resolving the issue, but rather at achieving political and military objectives that it had failed to achieve during the war through negotiation.Ukrainian President Zelensky: Ukrainian drones attacked the Moscow region of Russia.On May 17, the State Flood Control and Drought Relief Headquarters Office and the Ministry of Emergency Management continued to organize meetings with meteorological, water resources, and natural resources departments, as well as 17 provinces including Guangxi, Hubei, and Chongqing, to discuss and assess the development trend of the current round of rainfall and to study and deploy prevention and response measures for key areas. The State Flood Control and Drought Relief Headquarters maintained a Level IV emergency response for flood control in Guizhou, Hubei, and Chongqing. On the same day, the State Flood Control and Drought Relief Headquarters Office dispatched a working group to Guangxi to assist and guide the search and rescue operation for people whose vehicles had fallen into the river in Luoyang Town, Huanjiang County, Hechi City.China Earthquake Networks Center Quick Report: #Earthquake Bulletin# China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 3.6 occurred at 17:07 on May 17 near Liunan District, Liuzhou City, Guangxi (24.36 degrees north latitude, 109.28 degrees east longitude). The final result is subject to the official quick report.On May 17, according to Irans Tasnim News Agency, following a proposal by the Iranian President and approval by the Supreme Leader, Iranian Parliament Speaker Mohammad Ghalibaf has been appointed as the Special Representative of the Islamic Republic of Iran for China Affairs. The report, citing sources, stated that Ghalibaf will be responsible for coordinating relevant affairs and cooperation between different departments within Iran and China.

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

 截屏2022-08-10 上午11.45.08_1024x576.png

 

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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