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The Federal Reserve will release the minutes of its monetary policy meeting in ten minutes.On May 21, the U.S. military boarded and subsequently released an Iranian-flagged oil tanker in the Gulf of Oman, continuing to increase U.S. pressure on the Iranian economy as Trump pushes for a deal to end the conflict. U.S. Central Command stated that the tanker, named "Celestial Sea," was "suspected of attempting to sail to an Iranian port, thereby violating the U.S. blockade." After searching the vessel, the U.S. military released it and ordered the crew to change course. U.S. Central Command stated on Wednesday that, to date, the U.S. military has forced 91 ships to change course.According to Iranian television, Iranian Foreign Minister Araqchi is preparing to travel to the United States to attend a United Nations meeting.On May 21, Politico reported that the U.S. House of Representatives overwhelmingly passed a housing affordability bill on Wednesday, less than 24 hours before the vote, after receiving Trumps support for several key provisions. The House-amended 21st Century Road to Housing Act passed through a fast-track process requiring a two-thirds majority and will now be sent back to the Senate for consideration. This bipartisan bill, backed by the White House, marks a victory for the House, which had been urged for weeks to accept the version already passed by the Senate. The bill aims to address housing affordability and increase housing supply and homeownership rates.The Federal Reserve accepted a total of $24.867 billion from 16 counterparties in its fixed-rate reverse repurchase operations.

Gold and copper hardly change in response to economic worries

Aria Thomas

Sep 28, 2022 10:49

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Wednesday gold and copper prices were relatively unchanged as the dollar stayed near 20-year highs due to fears of an economic slowdown.


At 19:39 EDT, spot gold was $1,628.67 per ounce, while gold futures were $1,639.0 per ounce (23:39 GMT). On Tuesday, both surged momentarily as the dollar slid from 20-year highs, alleviating the pressure on gold.


Continuing stock market declines and fears of a recession pushed funds back into the currency. This year, rising interest rates and the Fed's aggressive stance have made the dollar a safer refuge than gold.


In 2022, during the Russia-Ukraine conflict, the price of gold plummeted by 27 percent. Prices have breached two important support levels, and additional declines are anticipated.


The dominance of the U.S. dollar has harmed commodities, particularly gold. ING analysts found that higher rates raise the opportunity cost of owning gold.


The bank expects gold to end the year near $1,650 per ounce, with significant respite coming when the Fed modifies its hawkish stance.


Copper prices remained elevated as traders anticipated a near-term fall in demand.


Copper futures prices dropped to $3.2920 per pound.


Copper prices have declined this year due to concerns that a recession will diminish industrial demand and activity.


Investors are concerned about weakening economic statistics from China, the world's largest copper importer, and slow industrial activity in Europe and the United States.


The Chinese manufacturing data released on Friday is expected to reveal a further decline.

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