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On April 26, an Iranian diplomatic official stated on the 25th local time that a second round of negotiations between Iranian and US delegations might be held in the coming days. It is understood that Iran has conveyed a message to the US side, urging President Trump to reduce threatening rhetoric, and indicating that if the US stance softens, hardliners within Iran are more likely to support participation in the negotiations.According to the Wall Street Journal, citing Iranian diplomats and sources, US and Iranian delegations may meet in the coming days.On April 26, Iranian Foreign Minister Araqchi led a delegation to Muscat, the capital of Oman, on April 25. On the same day, Iranian Foreign Ministry spokesman Baghae stated that this visit was the first by a senior Iranian official to a Gulf state since the US-Israel military strikes against Iran. Baghae posted on social media that day that Iran has always attached great importance to its relations with the Persian Gulf countries and is committed to strengthening mutual trust and constructive cooperation. He stated that Irans relations with Oman reflect its sincere desire to promote a mutually respectful and mutually beneficial relationship with its southern neighbor.Iranian Foreign Ministry: We hope to work towards the implementation phase of sustainable peace.The US president said of Powell: "What I want to understand is, why did a building that I could have built for $25 million end up costing $4 billion? Thats a very big question. He was in charge of this at the time—well definitely get to the bottom of it."

Gold Price Prediction: XAU / USD corrects to around $1,910 despite intensifying concerns of a global banking crisis

Alina Haynes

Mar 16, 2023 14:00

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After reaching a new six-week high at $1,937.39, the gold price (XAU/USD) displayed a corrective move during the Asian session. As gold's allure is extremely strong amid growing concerns about the global banking crisis, a correction in the precious metal appears to be short-lived. Credit Suisse's debacle following the failure of Silicon Valley Bank (SVB) has triggered the risk of global financial instability, and uncertainty over the Federal Reserve's (Fed) upcoming interest rate decision has bolstered the case for the Gold price.

 

S&P500 futures have shown a recovery move following Wednesday's sell-off as investors assess the banking sector's uncertainty. However, the motif of risk aversion has not yet completely subsided.

 

During the Asian session, the US Dollar Index (DXY) is fluctuating in a narrow range of around 104.60. It appears that the impact of banking sector turmoil is maturing for the USD Index, and investors are beginning to discount expectations for next week's monetary policy. According to the CME FedWatch instrument, the probability that Fed chair Jerome Powell will raise interest rates by 25 basis points (bps) has risen above 70%. While 30% of the probabilities support maintaining the current interest rate policy.

 

Increasing odds of a status quo monetary policy are supported by a declining Consumer Price Index (CPI), a rising Unemployment Rate, sluggish Retail Sales, and a declining Producer Price Index (PPI).


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