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EU Trade Commissioner: Confident the US will lower new import tariffs on EU goods.U.S. Defense Secretary Hergsays: If Iran believes that the United States cannot sustain a war, then it is a miscalculation.March 6 - US President Trump said on Thursday that further measures would be taken to ease pressure on the oil market, adding that Iran is actively seeking a deal as the US and Israel launch attacks. He also called on Iranian diplomats around the world to seek asylum and help shape a new, better Iran.March 6 – US President Donald Trump stated that after the conflict with Iran subsides, the US will turn its attention to Cuba. “The situation in Cuba is amazing, and we hope to resolve this issue,” Trump said. “Let’s deal with Iran first.” Trump has repeatedly expressed dissatisfaction with the Cuban government, and recently urged Cuba to reach an agreement, saying its poorly funded government “appears to be on the verge of collapse” under US sanctions.March 6 – According to the Wall Street Journal, Trump stated that the conflict between the United States and Iran is "much ahead of schedule." He claimed that the United States has destroyed Irans air defenses. Trump said, "The Iranian air force is gone, the air defense system is gone." He also stated that Iran is trying to restart negotiations with the United States, "They call and say, How are we going to make a deal? I said, Youre a little too late." Trump indicated that his administration will soon announce new measures to lower oil prices. "Oil prices are already low, but I still have to take a slightly roundabout approach," Trump said.

Gold is trapped below $1750, the dollar is rising, and yields are rising

Haiden Holmes

Aug 23, 2022 11:08

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Gold prices rose somewhat on Tuesday after seven straight sessions of losses, but remained under pressure as increased expectations of a hawkish Federal Reserve boosted the dollar and Treasury yields.


As of 20:39 ET, spot gold was up 0.1% to $1,738.52 per ounce, while gold futures were up 0.2% to $1,751.55 per ounce (00:39 GMT). Expectations that the Fed will continue to hike interest rates at a quick pace have pushed traders into the dollar over the last seven sessions, causing both currencies to fall.


The dollar index fell slightly on Tuesday, but it was still trading at six-week highs. The dollar was mainly boosted by Fed members' hawkish views last week, which signaled that the central bank had no plans to reduce the pace of interest rate hikes.


On Monday, 10-year US Treasury yields jumped by more than 1% and reached a one-month high.


Fed Chair Jerome Powell is set to speak at the Jackson Hole Symposium on Friday, when he is expected to debunk suspicions that the Fed is planning to go dovish.


Softer-than-expected US inflation numbers for July fueled speculation that the Fed may scale back its interest rate hikes beginning in September. However, signs of a strong labor market and hawkish comments from Fed members have dampened this optimism.


Traders are split about evenly between a 50 basis point increase and a 75 basis point increase at the Fed's upcoming meeting.


Gold has given up the majority of its gains for the year as a result of the Fed's four rate hikes to combat out-of-control inflation. The yellow metal has greatly trailed the US inflation rate in 2022.


Copper prices rose little among industrial metals as the world's top importer, China, announced fresh stimulus measures.


Copper futures increased 0.2% to $3.6620 per pound.


On Monday, the People's Bank of China slashed interest rates for the second week in a row, indicating that Beijing is likely to pursue additional economic stimulus measures.


A stimulus-driven revival in Chinese industrial activity might boost copper demand, benefiting prices.

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