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On September 7th, Iranian Parliament Speaker Mohammad Ghalibaf announced on Sunday that Iran would adopt a more aggressive military posture in its war with the United States. Ghalibaf stated in a post, "If they havent understood by now, then they should understand before its too late that the rules of the game have changed. From now on, any act that infringes upon Irans interests and security will be met with a faster, fiercer, and more painful response." He had previously warned that Irans retaliatory actions would no longer be "reciprocal." Ghalibaf also acknowledged that Iran is facing severe economic pressure under the comprehensive sanctions and "strangulation" and isolation efforts led by the United States. He said, "Sharp exchange rate fluctuations, inflation, unemployment, and market management are fundamental challenges that have placed enormous pressure on peoples livelihoods." He further stated that Iran must commit to strengthening domestic production and utilizing technology to "develop short-term and permanent solutions."September 7th - Clashes between Yemeni government forces and Houthi rebels in Taiz and Hodeidah provinces entered their fourth day on the 6th. According to medical sources from both sides, the fighting has resulted in at least 117 deaths. A senior medical official operating with government forces on the west coast stated on the 6th that since the conflict began on the 3rd, 54 government soldiers have been killed and many others wounded. The fighting continues to escalate with no signs of abating. Meanwhile, medical personnel at a Houthi-controlled hospital in western Hodeidah province reported that 63 Houthi fighters have been killed in the clashes.September 7th - The 26th China International Fair for Investment and Trade (CIFIT) will be held in Xiamen, Fujian Province, from September 8th to 11th. This years CIFIT has attracted over 1,200 government agencies and business delegations from 129 countries and regions and 30 international organizations.Jared Kushner, Trumps son-in-law: We are working with Hamas to move towards disarmament and have reached an agreement with Israel on the ultimate goal of the Gaza Strip plan.The UK Maritime Trade Operations Office reports that 59 vessels have passed through the Strait of Hormuz in the past 48 hours.

Oil Prices Rise As The IEA Forecasts A Rebound in Chinese Demand

Haiden Holmes

Feb 06, 2023 10:45

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Gold prices were subdued on Monday following their worst week in seven months, with attention now shifting to a talk with Federal Reserve Chair Jerome Powell after stronger-than-anticipated U.S. job statistics stoked fears of additional monetary tightening.


The price of gold fell by 2.5% on Friday and more than 3% in the previous week after U.S. employment data for January was significantly stronger than anticipated. The readings sparked concerns that the Fed has sufficient economic room to continue raising interest rates, resulting in a dollar and Treasury yields recovery rally.


This dragged on most metal prices, with gold- which had a good run-up to Friday’s data- suffering substantial losses. For the first time in nearly a month, the price of gold went below the important $1,900 support level.


Spot gold was steady at $1,864.93 an ounce, while gold futures expiring in April slid 0.2% to $1,876.40 an ounce by 18:50 ET (23:50 GMT) (23:50 GMT).


Tuesday's discussion with Chairman Jerome Powell at the Economic Club of Washington, D.C. will provide additional economic guidance. Any remarks on the current employment numbers and inflation trajectory will be attentively monitored.


As anticipated, the Fed hiked interest rates last week and hinted that it will continue to do so in the near future. This sparked greater bets that the central bank could swing away from its hawkish posture by the year-end.


However, these wagers were quickly reversed by Friday's strong employment figures, which also fueled fears that U.S. inflation may remain rising for a longer period of time than anticipated.


Additionally, other precious metals declined on Friday and were trading in a range on Monday. After plunging below $1000 per ounce, platinum futures climbed 0.2%, while silver futures resumed losses, sliding 0.4% to $22.340 per ounce.


Copper prices recovered marginally this week after falling nearly 4% the previous week, as markets balanced a potential demand resurgence in China against rising fears of a worldwide recession. Rising interest rates and soaring inflation are projected to severely weigh on the global economy this year.


High-grade copper futures increased 0.4% to $4.0475 a pound.


This week, the focus is on additional economic indicators from the world's largest copper importer, China, as well as social upheaval in the world's second-largest copper exporter, Peru.

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