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June 28th - According to Politico, on February 28th, when US and Israeli warplanes attacked Iran, Israeli officials initially believed the alliance was entering a golden age. However, four months later, they are preparing for a future where Israel is more isolated than ever before. US Vice President Vance told Israel last week that it has virtually no friends left in the world and should not attack its only remaining powerful ally. But according to seven sources, including US and Israeli officials, Israels problems extend far beyond Vance; Vance is merely a symbol of the new normal where Israels status as a US ally no longer takes precedence over any other country. The tensions between the two sides are palpable. One source revealed that Israeli Prime Minister Netanyahu was scheduled to visit Washington five times in 2025. This year, however, he only visited once, in February, and telephone contact has significantly decreased.Israeli Prime Minister Netanyahu: We are close to controlling 70% of the Gaza Strip and surrounding Hamas.June 28 - According to foreign media reports on the 27th, citing official Iranian data, Irans inflation rate in June rose sharply to 88.6% year-on-year, affected by the Middle East conflict.On June 28, Iran launched a drone strike on Bahrain on Saturday, while simultaneously attacking a ship in the Strait of Hormuz, possibly in response to a US nighttime airstrike. The attacks in the Persian Gulf once again demonstrate that even with a provisional agreement between Iran and the US attempting to reach a final ceasefire, the Iran-Iraq war could still spiral out of control. This comes after the US Central Command stated that it launched strikes against Iran on June 26 in response to the attack on a merchant ship. Meanwhile, the International Maritime Organization announced on Saturday that it would widen the strait near Oman to allow two-way passage. This move could reignite tensions with Tehran, which views the strait as a key bargaining chip in ongoing negotiations with the US.On June 28, CNBC reported that an oil tanker in the Strait of Hormuz was attacked by artillery fire on Saturday, the latest development in escalating tensions between the United States and Iran after the two sides reached a provisional agreement aimed at ending hostilities in the region. The UKs Maritime Trade Action Centre stated that a vessel in the strait was hit by an "unidentified flying object," sustaining damage, but the crew was reportedly unharmed. Bahrain also condemned Irans drone attack on Saturday, calling it a "blatant violation" of its sovereignty. These new attacks come as the US and Iran were supposed to be in the midst of a 60-day ceasefire negotiation, discussing ending the war. However, both countries have accused the other of violating the terms of the agreement.

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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