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August 24th - According to a report from the U.S. Central Command on August 23rd, the U.S. guided-missile destroyer USS John Finn is currently sailing in the Arabian Sea, carrying out the U.S. maritime blockade mission against Iran. As of August 23rd, the U.S. military has ordered 70 merchant ships to change course, rendered 3 merchant ships immobile, and boarded and inspected 2 other merchant ships.On August 24, a 14-year-old Palestinian boy died after being shot by Israeli forces at a refugee camp near the West Bank city of Nablus. Separately, Palestinian health officials in the Gaza Strip stated that Israeli airstrikes on central and southern Gaza on August 23 resulted in at least two deaths and several injuries. Among the dead was a four-year-old child.According to the Washington Post, data from the U.S. Department of Defenses casualty statistics system shows that U.S. military casualties in the war with Iran have risen to 774, including 18 deaths and 756 injuries. Even during periods without large-scale combat, the Department of Defense has quietly added approximately 60 new injury records recently. A large number of the wounded suffered traumatic brain injuries from the blasts during attacks on U.S. bases in Jordan, Kuwait, Iraq, and Saudi Arabia.The Israeli Prime Ministers Office reported that Prime Minister Netanyahu and Defense Minister Katz held a security assessment meeting Sunday evening regarding the threat of drones, balloons, and kites being launched from the Gaza Strip into Israel. Israel warned Hamas that if such launches against Israel do not cease immediately, the Israel Defense Forces will intensify targeted strikes against those responsible.On August 24, according to Irans Mehr News Agency, Hassan Kashkawi, spokesman for the Iranian Parliaments National Security and Foreign Policy Committee, announced on Sunday that the committee had adopted Article 3 of the "Strategic Action Plan for Ensuring the Security and Development of the Strait of Hormuz." He stated, "According to this article, we will charge fees for the provision of maritime services, environmental services, fuel supplies in special circumstances, insurance, security, and other services." These fees will be collected from vessels of relevant countries authorized to pass through the Strait of Hormuz, paid in rials or other currencies designated by the Islamic Republic of Iran. He emphasized the importance of respecting the rights of littoral states along the Strait of Hormuz, stating, "We should not forget that international laws and regulations, in addition to recognizing freedom of navigation, also emphasize respect for the security and sovereignty of littoral states and the prevention of violations of these rights."

Before Fed Hints And A Flood of U.S. Data, Gold's Early-year Rally Fizzles

Haiden Holmes

Jan 18, 2023 11:21

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The yellow metal held below a level not seen in eight months on Wednesday as markets remained cautious ahead of a flurry of Federal Reserve speakers and U.S. economic data due this week.


Despite the fact that projections of a less aggressive Federal Reserve and the possibility of a recession have spurred strong gains in gold over the past two weeks, traders are still looking for further confirmation of this trend. This week, several Fed officials are expected to appear, with Vice Chair Lael Brainard on Thursday being the most notable.


Numerous U.S. economic metrics will also shed insight on the performance of the world's largest economy in December, beginning with producer price index inflation, retail sales, and industrial output data expected Wednesday evening.


Spot gold remained constant at $1,908.74 per ounce at 19:19 EDT, while gold futures rose 0.1% to $1,911.30 per ounce (00:19 GMT). Tuesday saw declines of 0.5% for both assets.


Last week, gold climbed sharply to a more than eight-month high on the strength of a falling dollar and growing concerns of a recession this year. The yellow metal is presently trading almost $160 behind its all-time high due to an increase in wages that the Federal Reserve would hike interest rates at a slower pace this year.


This week, the dollar rebounded from a seven-month low against a basket of currencies, regaining some momentum. As traders awaited a Bank of Japan policy meeting slated for later in the day, dollar gains were limited.


Given that the BOJ's ultra-loose monetary policy tightening portends greater global economic headwinds, any signals of hawkishness from the central bank might shock the dollar and provide extra support for gold.


Other precious metals maintained tight ranges on Wednesday.


In response to signs of economic strength in China, the world's largest copper importer, copper prices dropped significantly on Wednesday.


Futures for high-grade copper fell 0.2% to $4.2272 a pound after gaining over 2% in the prior session.


According to figures released Tuesday, China's economic growth slowed sharply in 2022 compared to the previous year. However, better-than-expected growth in the fourth quarter, particularly in December, has fuelled optimism that the nation will enjoy a resurgence this year following the lifting of the majority of anti-COVID measures.

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