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On August 23, Rezaei, Secretary of Irans Supreme National Security Council, stated on August 22 that Iran has told the world not to join the United States in waging an economic war against it. Any country that participates in imposing economic restrictions on Iran is considered an enemy. Rezaei stated that the economic war launched by the Trump administration is also a propaganda war. Although Iran has suffered from long-term US sanctions, it has learned how to circumvent them. He stated that the issue of a maritime blockade cannot be resolved overnight; Iran has been under a US maritime blockade for months, yet it has still successfully sold oil. Furthermore, he stated that any US action in the southern waters of the Strait of Hormuz will be a target for Iran, and Iran will crack down on any meetings between the US and any anti-Iranian forces in the region. Regarding the negotiations between Iran and Oman on the Strait of Hormuz, Rezaei pointed out that one of the important discussions is the coordination on the waterway and trade transit issues, and there are currently no problems in the negotiations. The meeting between the two foreign ministers is progressing smoothly, and the negotiations are ongoing. The Strait of Hormuz is crucial to Iran, and Iran will reach a final agreement with Oman.Iranian Foreign Minister Araqchi and Pakistani Army Chief of Staff Munir spoke by phone on Saturday to discuss regional situation and security issues.Iranian Foreign Minister Araqchi spoke with the Egyptian Foreign Minister to discuss the regional situation, the situation in the Persian Gulf and the Red Sea, and diplomatic efforts to ease regional tensions.According to Al Jazeera, Yemeni authorities say they have discovered a Houthi-laid mine in the Bab el-Mandeb Strait.August 23 – Federal Reserve Chairman Warsh will speak at the annual economic conference in Jackson Hole, Wyoming on August 27. Investors expect him to further clarify how the Fed should deal with stubborn inflation, but it remains uncertain whether he will offer a clear statement. The chairmans communication strategy has had a rough start. Following the July policy meeting, Warsh revealed little about his views on the economy and avoided providing forward guidance on interest rates. Investors interpreted his remarks as a lack of resolve to push inflation back to the target level, subsequently pushing long-term bond yields to their highest levels in two decades.

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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