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On March 28, the Iranian Islamic Revolutionary Guard Corps (IRGC) issued a statement saying that, as part of Operation Honest Commitment 4, the IRGC Navy and Space Force conducted strikes against multiple heavy industrial targets in the United States and Israel using missiles and drones in the 85th wave of attacks. The statement indicated that this operation was in retaliation for previous attacks by US and Israeli forces against Iranian civilian industrial facilities. During the operation, Iranian armed forces launched saturation attacks on heavy industrial centers in Israel and other regions, destroying some targets. The IRGC emphasized that if the US and Israel continue to attack Iranian industrial systems, the scale of Irans subsequent retaliation will "exceed their expectations." In addition, during the interception and counterattack operations, Iranian air defense systems shot down a US-made MQ-9 drone over Shiraz. A US F-16 fighter jet was hit in southern Fars province and subsequently crashed while en route to an emergency landing at a base in Saudi Arabia.March 28 (Wall Street Journal) – Energy analysts warn that the oil market could face even greater turmoil if the Houthi rebels in Yemen resume attacks on Red Sea shipping. A renewed attack could cut significant amounts of oil from global supply and drive up prices. Saudi Arabia has been diverting as much crude oil as possible from the Persian Gulf to its Red Sea port of Yanbu, from where cargoes are primarily destined for Asia. While this hasnt fully offset the amount of oil unable to pass through the Strait of Hormuz, it has helped limit the rise in global oil prices. Analysts say that if Houthi attacks make it too dangerous for tankers to approach Yanbu, millions of barrels of crude oil could be stranded daily in the Middle East. In that case, Saudi Arabia might be forced to cut production along with Kuwait and Iraq.On March 28, the Fajar Military District of Fars Province, part of the Iranian Islamic Revolutionary Guard Corps, issued a statement saying that Iranian security forces discovered and destroyed 122 cluster bombs dropped by US and Israeli warplanes in the suburbs and surrounding areas of Shiraz, the provincial capital. The statement indicated that these cluster bombs were dropped several days earlier in areas including the village of Kafri in Shiraz, causing civilian casualties. The munitions were identified as BLU-108 submunitions carried by US-made CBU-105 cluster bombs. The statement concluded that the US and Israeli forces use of such weapons against civilian areas is further irrefutable evidence of their war crimes.Sources say Saudi Arabias crude oil exports have reached approximately 5 million barrels per day, and its petroleum product exports have reached 700,000 to 900,000 barrels per day. The Saudi East-West oil pipeline has a transport capacity of 7 million barrels per day.The head of Russias State Atomic Energy Corporation (regarding the renewed attack near Irans Bushehr nuclear power plant) stated that the situation on the ground continues to deteriorate, and the attack poses a direct threat to nuclear security.

Gold Range Holds Tight Ahead of Fed Meeting

Charlie Brooks

Sep 20, 2022 10:53

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Tuesday, in anticipation of a U.S. Federal Reserve meeting that is expected to result in an interest rate hike, investors refrained from placing major bets on gold prices, holding the price of the precious metal within a limited range.


Spot gold jumped 0.2% to $1,679.14 per ounce around 20:11 EST, while gold futures climbed 0.6% to $1,687.85 per ounce (00:11 GMT). Following a week of dramatic drops, neither instrument has seen notable movement since Monday.


As the U.S. dollar fell on Tuesday, there was a slight lessening of pressure on gold. The dollar stayed at 20-year highs, whilst U.S. Treasury rates soared before the Fed's announcement of interest rate changes.


On Wednesday, it is widely expected that the central bank would increase interest rates by 75 basis points bps, while traders are also considering the possibility of a 100 basis point increase. In August, U.S. inflation remained at 40-year highs, bolstering expectations for a hefty Fed rate hike. The data led to a strengthening of the dollar and a continuation of losses on the metal markets.


The yellow metal is now trading lower for the year as a result of the Federal Reserve's rate rises. Beginning of the Russia-Ukraine conflict coincided with gold's price peak. Recently, gold prices fell below $1,700, which was seen as one of the last remaining points of support before a steeper decline.


Tuesday saw both platinum and silver futures recover from recent losses and advance.


Copper prices for industrial metals climbed by 0.2% to $3.5323 per pound. Recently, though, the dollar has pushed pressure on red metal.


In spite of expected supply shortages due to a strike at the Escondida copper mine in Chile, the outlook for copper prices this year is clouded by signs of a global slowdown in economic growth.