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The chairmen of the U.S. Senate and House Armed Services Committees expressed deep concern over the U.S. decision to withdraw a brigade-sized force from Germany.On May 3, when asked when and how he would insure ships in the Strait of Hormuz, Berkshire Hathaways Vice Chairman for Insurance, Ajit Jain, gave a concise answer: "The short answer is—it depends on the price." Jain stated, "We do have a small stake in an established project to insure ships in the Strait of Hormuz. But no deals have been finalized yet." Jain also pointed out that U.S. Navy escort for the ships would be a key prerequisite for the projects coverage conditions. "If we can meet our own coverage conditions, we will insure this type of risk at a price level that we deem appropriate."On May 3, Qazem Gharibabadi, Irans Deputy Foreign Minister in charge of legal and international affairs, met with ambassadors from various countries stationed in Tehran on Saturday to discuss what he called Irans proposals to end the war and aggression launched by the US and Israel. Gharibabadi stated that Iran is fully prepared to defend itself against any attacks against its people, and that Tehran remains committed to diplomatic mediation based on national interests. He said that Iran has submitted a proposal through Pakistan as a mediator to permanently end this imposed war, and that the initiative now rests with the US, which must choose between a diplomatic path or a continued confrontational stance. He added that Iran is prepared for both scenarios to safeguard its national interests and security, while remaining pessimistic and distrustful of the US and its diplomatic sincerity.On May 3, local time, the Ukrainian presidential website announced that President Zelenskyy had signed a presidential decree approving the National Security and Defense Councils decision to impose targeted sanctions on five individuals. The sanctions were reportedly imposed because the actions of these individuals threatened Ukraines national interests, security, sovereignty, and territorial integrity. The five individuals targeted are a Ukrainian lawyer, a Ukrainian businessman, a Russian businessman, and two Russian sports promoters.Iraqs Deputy Oil Minister stated that two oil tankers are ready, with two more to be deployed depending on the situation in the Strait of Hormuz. Following the resolution of the Hormuz crisis, Iraq could restore its oil production and exports to normal levels within seven days.

Ahead of U.S. CPI Data, Gold and Copper Preserve Recent Gains

Charlie Brooks

Sep 13, 2022 10:35

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Gold prices increased somewhat on Tuesday, but maintained recent gains as investors sought more evidence that U.S. inflation was declining from its highs this year.


At 19:48 EDT, spot gold rose approximately 0.1% to $1,725.70 per ounce, whilst gold futures fell 0.2% to $1,735.35 per ounce (23:48 GMT). The dollar's decline from a 20-year high hit last week has led to gains in both assets over the past three trading sessions.


After five consecutive days of losses, the dollar fell further on Tuesday, as measured by a 0.1% decline in the dollar index. Recent sessions have witnessed a decrease in the U.S. dollar due to a mix of profit-taking and the anticipation of inflation data indicating a further decline.


Inflation is expected to have slowed to 8.1% in August, down from 8.5% in July, according to U.S. CPI inflation data due Tuesday at 8:30 a.m. ET (12:30 p.m. GMT).


As a result of lowering fuel costs and the Federal Reserve's multiple rate hikes, the figure will imply a reduction in U.S. inflationary pressures.


As inflation remains well above the Fed's annual target of 2%, the markets believe that the Fed will continue to hike interest rates rapidly for the remainder of the year.


Next week, there is a greater-than-90-percent chance that the Federal Reserve will exceed expectations by increasing interest rates by 75 basis points.


It is widely believed that this will strengthen the dollar and Treasury yields in the near future, while reducing gold prices.


Investors have sought greater returns from the dollar and government debt in reaction to rising interest rates, causing gold prices to decline.


Copper prices began their ascent due to a weakened currency and anticipated supply disruptions from a strike at the Escondida mine in Chile.


London copper futures prices gained 0.2% to $3.6242 per pound. On Monday, they increased by 1.9%.


This week, unionized employees at Escondida, the world's largest copper mine, will go on strike. It is widely expected that this action will restrict the global copper supply, hence increasing prices.


Copper must also contend with poor demand in the world's top copper importer, China.

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