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On August 21, Ukrainian Energy Minister Shmyhal stated that Ukraines energy reserves, including natural gas and coal, needed for the winter are nearing or have exceeded planned targets. Speaking to the Verkhovna Rada (parliament) regarding the protection of winter energy facilities and energy preparedness, Shmyhal said that underground gas storage facilities currently hold 14.3 billion cubic meters of natural gas, close to the previously set target of 14.6 billion cubic meters for winter storage; coal reserves have already exceeded targets. Furthermore, winter fuel reserves are being established to prioritize power supply to backup generators and critical infrastructure in frontline areas. Shmyhal said that by the end of this year, Ukraines total installed power generation capacity is expected to reach 19.6 gigawatts, exceeding the minimum required power generation capacity for the winter. Shmyhal also stated that Ukraine has allocated 35 billion hryvnia (approximately US$785 million) this year to strengthen the protection of local energy facilities.On August 21, Iranian Foreign Minister Araqchi posted on social media that the sanctions and pressure policies imposed on Iran by successive US administrations "have all ended in failure," and the latest economic pressure measures announced by the US are also "doomed to failure." Araqchi reviewed a series of US policies against Iran in recent years—14 years ago, the US declared the imposition of the "toughest sanctions in history," 8 years ago it implemented "maximum pressure," and 5 months ago it demanded Irans "unconditional surrender"—all of which ultimately failed. Regarding US President Trumps recent announcement of "the most destructive economic action in history" against Iran, Araqchi stated that this action is also "doomed to failure." He also criticized the lack of substantial change in the US policy towards Iran by successive administrations. Araqchi wrote: "Weve seen this drama before; the same nonsense, just with a different group of bullies."August 21st - According to the Globe and Mail, sources revealed that a potential trade agreement being negotiated between Canada and the United States would introduce a tariff quota system for Canadian steel exports. Exports within the quota would be subject to a 25% tariff, while exports exceeding the quota would be subject to a 50% tariff. According to a steel industry executive, Canada has agreed to a tariff quota system for steel, allowing 4 million tons of steel annually to be shipped to the United States at the lower 25% tariff rate. Exports exceeding this 4 million tons will still face a 50% tariff. Two other industry sources confirmed that Ottawa and Washington have agreed to a 25% tariff within the quota. Canada has agreed to eliminate all reciprocal tariffs on U.S. steel and further restrict steel imports from third countries. In addition, Canada is also negotiating aluminum trade terms with the goal of reducing tariffs.The German DAX 30 index closed up 136.45 points, or 0.52%, at 26,148.00 on Friday, August 21; the UK FTSE 100 index closed up 71.22 points, or 0.66%, at 10,819.38 on Friday, August 21; and the French CAC 40 index closed up 31.34 points, or 0.37%, at 8,484.43 on Friday, August 21; the Euro... The Stoxx 50 index closed up 44.59 points, or 0.69%, at 6466.65 on Friday, August 21; the Spanish IBEX 35 index closed up 144.52 points, or 0.73%, at 19962.52 on Friday, August 21; and the Italian FTSE MIB index closed up 39.18 points, or 0.07%, at 52705.00 on Friday, August 21.On August 21, Iranian Navy Commander Shahram Ilani stated that the area east of the Strait of Hormuz and the Gulf of Oman—a crucial waterway connecting the Strait of Hormuz and the Persian Gulf—is currently under Irans "complete control," and that Iran is "monitoring all movements of hostile forces outside the region around the clock." He added that the Iranian armed forces, under the leadership of the Supreme Leader, remain on high alert and "will soon deliver a major, historic, and unforgettable lesson to the enemy at sea."

XAU/USD faces barriers around $1,770 ahead of data on US inflation estimates, according to the gold price forecast

Daniel Rogers

Dec 07, 2022 14:57

In the Asian session, the gold market (XAU/USD) noticed selling action near the $1,770.00 immediate barrier. The US Dollar Index (DXY) has widened its upward trajectory above a four-day high at 105.60, putting the precious metal under pressure.

 

After a sell-off that continued for the second trading session, S&P500 futures are significantly worse, indicating that investors are currently taking a risk-averse stance. The 10-year US Treasury yields have partially recovered their losses and are currently at 3.56% as of the time of publication.

 

The market has become pessimistic due to recent indicators of a comeback in inflation following the resilience displayed by the US economy in November through services and labor demand. This has increased the possibility that the Federal Reserve (Fed) would give higher interest rate peak guidance at its monetary policy meeting next week.

 

Prior to that, however, consumer inflation predictions over the next five years took center stage. Since inflation has already shown signals of slowing, long-term inflation expectations are still anchored. The forward-inflation data had previously come in at 3%.

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