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On October 25th, local time, Sudans Rapid Support Forces (RSF) announced their control of Bara, a major city in North Kordofan State, central Sudan. The statement stated that the RSF launched a full-scale offensive against the Sudanese Armed Forces (SAF)-held city, inflicting thousands of casualties and injuring hundreds, ultimately securing full control of the city. The statement also stated that retaking Bara is a significant step toward full control of the Kordofan region. The SAF has yet to respond to the statement.Pakistans Defense Minister: We see Afghanistans desire for peace, but failure to reach an agreement will mean open war.On October 25th, local time, the second round of ceasefire talks between Pakistan and Afghanistan began in Istanbul, Turkey. The talks were hosted by Turkey and held at an Istanbul hotel. The Pakistani delegation included the militarys director of operations and security and intelligence officials. The Afghan delegation was led by Deputy Interior Minister Rahmatullah Najeeb.On October 25th, Belgorod Oblast Governor Ilya Gladkov announced that Ukrainian armed forces had damaged the Belgorod Reservoir Dam. He stated that Ukrainian forces might attempt to attack and destroy the dam again. If this were to happen, several streets in riverbanks and settlements near Kharkiv Oblast would be flooded, impacting the lives of approximately 1,000 residents. Gladkov stated that local authorities have advised residents at risk of flooding to move to temporary relocation sites. The Ukrainian side has not yet responded to this request.On October 25th, Bank of France Governor François Villeroy de Villeroy warned lawmakers debating the 2026 budget that the deficit must not exceed 4.8% of economic output to ensure France can cope with its growing debt burden. The French National Assembly is currently debating a draft budget that targets 4.7% GDP growth, but Prime Minister Jean-Claude Le Cornu has said the ultimate target should be within 5%, and he is seeking a compromise with opposition lawmakers. "It is absolutely necessary to keep the deficit below 3% between now and 2029, which would imply a maximum deficit of 4.8% next year," Villeroy de Villeroy said in an interview with La Croix. He also stated that France faces the risk of "progressive suffocation" from debt and that additional deficit spending will fail to stimulate economic growth. According to calculations by the Bank of France, if debt uncertainty is reduced, a 1% reduction in the household savings rate would boost economic growth by 0.4%. However, Villeroy de Villeroy stated that the French economy has strong momentum this year and growth will be "at least" as strong as the Banks forecast of 0.7%.

Gold Falls As The U.S. Federal Reserve And CPI Week Start

Haiden Holmes

Dec 12, 2022 10:19

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Gold prices slipped slightly below key levels on Monday, as caution set in ahead of vital U.S. inflation data and a Federal Reserve meeting this week, while COVID-19 cases in China pushed copper prices lower.


According to data released last week, U.S. producer price inflation fell further in November, albeit at a slower rate than anticipated. Consequently, bullion prices increased, but to a lower level than predicted. Tuesday's report of the consumer price index may reveal a similar pattern, based on this outcome.


This year, growing U.S. inflation spurred the Federal Reserve to conduct a series of quick interest rate hikes, which had a considerable negative impact on metal markets by raising the opportunity cost of holding non-yielding assets.


On Wednesday, the central bank is anticipated to conclude a two-day meeting during which it will raise interest rates by an extremely tiny 50 basis points. However, the direction of U.S. inflation will have a significant impact on the extent of future rate hikes.


As of 19:30 EST, spot gold fell 0.2% to $1,793.72 per ounce, while gold futures fell 0.3% to $1,804.95 per ounce (00:30 GMT). Traders remained cautious ahead of this week's crucial data releases, keeping the yellow metal's price mostly flat last week.


Platinum prices decreased 1.7% on Monday, while silver futures decreased 0.5%.


The markets are wary of any indications that U.S. inflation stayed higher than anticipated in November, since this might lead to further rate hikes by the Federal Reserve. The central bank has warned that if inflation proves to be persistent, U.S. interest rates may peak at higher-than-anticipated levels.


The dollar rose moderately on Monday in anticipation of U.S. economic data, with further support from PPI inflation data that above market forecasts.


Following two consecutive weeks of gains, copper prices decreased on Monday as COVID-related uncertainty in China grew.


Copper futures fell 0.4% to $3.8412 a pound.


China loosened a number of statewide anti-COVID regulations last week, a move that is anticipated to gradually stimulate the world's second-largest economy.


Scientists have cautioned, however, that the loosening of COVID limitations is likely to result in a rise in infections in the near future, which might delay the total removal of restrictions.


This has raised doubts about the timing of an economic recovery in the world's largest copper importer.


The outlook for copper, which normally flourishes in high-growth environments, has also been impacted by deteriorating economic data from a number of key nations.

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