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July 20th - According to South Korean media reports, SK Group Chairman Chey Tae-won stated that SK Hynix is currently searching for a location in the United States to build a chip factory, aiming to increase supply capacity and curb prices, given that demand for memory chips far exceeds supply. As a major player in the industry, he believes the current price level is excessively high and an "abnormal" phenomenon. Chey Tae-won stated, "I believe we need to build (a chip factory) not only in Gwangju and Jeolla Province, but also in the United States." "If conditions permit, I think it should be built. This involves trade pressures and other factors that need to be weighed, so we are considering this."On July 20, the U.S. Central Command announced on social media that a U.S. military personnel died on July 18 while on a mission related to Iran in northern Iraq. Additionally, the U.S. military is searching in Jordan for a U.S. personnel who went missing after the Iranian attack on July 17; unidentified remains have been found, and identification and verification are underway.July 20 – According to the Washington Post, the United States and Iran moved one step closer to a full-blown conflict on Sunday. Attacks on civilian and military facilities have escalated, and at least three (possibly four) U.S. military personnel have been killed since fighting resumed a week ago. In a brief phone interview with NewsNation on Sunday, Trump said he was “completely unconcerned” about Iran’s announcement that it would no longer abide by the bilateral memorandum of understanding reached a month ago. A U.S. official familiar with internal government discussions revealed, “The United States is planning a much larger war,” adding that the Pentagon is increasing the number of military aircraft in the region. However, the official also cautioned that the expansion of U.S. military operations will be constrained by several factors: dwindling stockpiles of air defense and long-range munitions, and limitations imposed by combat losses on the ability to rapidly deploy more troops and aircraft to the region.According to Saudi Arabias Al Arabiya TV: Iranian media reported that an explosion occurred in Delijan, a city in the southern part of Markazi province (Central Province), and another explosion occurred in Arak, a city in western Iran.Faraday Future (FFIE.O): Announced a partnership with the Argentine Football Association (AFA), officially becoming the official regional sponsor of the Argentine national team in the North American robotics and related robotics technologies sector.

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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