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NATO Secretary General Rutte: The US military buildup in Europe will be carried out gradually and in an orderly manner.On May 20th, according to Irans Tasnim News Agency, Iranian military spokesman Mohammad Akraminia emphasized the armys state of readiness in a speech on Tuesday. He stated that the army has treated the "ceasefire period" as a "wartime period" and has used this opportunity to enhance its combat capabilities. Regarding hostile forces, the spokesman stated that Iran will never be besieged or defeated. He warned that if the enemy makes another foolish move and falls into the Jewish trap again, launching another invasion of Iran, then the country will open new fronts to confront them through new means and methods. At the same time, he emphasized the Iranian armed forces control of the Strait of Hormuz, stating that the situation in this strategic waterway cannot return to its previous state. He said, "The only way out for the enemy is to respect the Iranian nation and respect Irans legitimate rights."NATO Secretary General Rutte: Discuss ensuring sustainable long-term support for Ukraine.NATO Secretary General Rutte: NATO needs to break free from its unhealthy dependence on a single ally.On May 20th, Cornwall Insights, a UK-based energy consultancy, released a report on May 19th forecasting household energy price ceilings for July to September 2026. The report stated that rising energy prices due to the Middle East conflict could increase the annual energy expenditure ceiling for UK households by 13%. According to the final forecast, a UK household using both gas and electricity could see its annual energy bill reach as high as £1,850 (approximately US$1.339 per pound), up from a previous forecast of £1,641. The report points out that the main reason for the energy price increase is the sharp rise in global energy prices following the outbreak of the Middle East conflict. Although the temporary ceasefire has somewhat mitigated market volatility, prices remain high. The report predicts that even if the conflict ends immediately, the damage to infrastructure and supply chain disruptions will have a lasting impact, making it difficult for the UK household energy cost ceiling to fall back to April levels this autumn.

Gold And Copper Prices Oscillate About $1,750 Despite Fed Hawkishness

Skylar Williams

Nov 21, 2022 11:29

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As investors anticipated further clarity on the direction of U.S. monetary policy in the coming months, gold prices changed slightly on Monday, but remained near key support levels. In the meanwhile, copper prices remained low because of the likelihood that more COVID issues in China would decrease demand.


The minutes of the most recent Federal Reserve meeting are expected to provide fresh insight into the central bank's intentions for increasing interest rates when they are released on Thursday.


Inflation has fallen more than anticipated in recent months, prompting markets to anticipate a somewhat smaller rate hike in December. However, recent remarks from Fed officials indicate that interest rates may continue to rise for longer than anticipated.


This view is beneficial for the currency and Treasury rates, but it will likely damage metal markets. The greenback appears to have found a bottom following recent losses, and rose 0.1% to 107 on Monday.


As of 19:05 EDT, spot gold rose 0.1% to $1,752.81 per ounce, while gold futures inched up to $1,754.90 per ounce (00:05 GMT). In response to the Federal Reserve's members' warnings of rising interest rates, the value of both assets declined by nearly 2 percent last week.


As a result of the Federal Reserve's streak of quick rate hikes this year, non-yielding assets, such as gold, have become less desirable.


Despite the fact that metal markets climbed earlier this month on signals of a reduction in U.S. inflation, they are expected to remain under pressure in the coming months, as inflation remains well over the Fed's 2% annual target.


Copper prices stayed largely constant on Monday, following a week of significant drops due to concerns over China's import demand.


Copper prices stayed stable at $3.6405 per pound following last week's 7.2% decrease, their worst performance since late August.


China has shut down further sections of the country in response to the greatest COVID outbreak in seven months. This year, the country's strict zero-COVID policy, which led to a multitude of disruptive lockdowns, severely hampered economic growth.


This decreased national demand for commodities.


Despite indications of a limited supply, rising fears of a global recession have also hampered copper's future prospects.

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