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According to Al Jazeera, Qatars Prime Minister and Foreign Minister stated that the outcome of any agreement between Iran and Washington would not only affect the two countries but also the entire region.Former Federal Reserve Chairman Alan Greenspan died on June 22 at the age of 100. According to NBC News, citing his wife, Andrea Mitchell, the networks chief foreign affairs and chief Washington correspondent, he died at home on Monday from complications of Parkinsons disease. Greenspan led the U.S. economy through record expansion, but the financial crisis that erupted less than two years after he left office tarnished his reputation. Greenspan served as Chairman of the Federal Reserve for 18 years (from 1987 until his retirement in early 2006), during which time the U.S. stock market boomed and unemployment remained low. He is considered more of a "master" of maintaining a healthy economy than the four presidents he served or the seven Treasury secretaries he worked with. Roger Ferguson, who served as vice chairman of the Federal Reserve from 1999 to 2006, said, "Alan Greenspan should be remembered as one of the greatest central bank governors in the world in the second half of the 20th century, not just within the Federal Reserve." He noted that Greenspan "was one of the first to recognize the impact of technology on boosting American productivity, enabling the economy to grow faster than expected without triggering inflation."On June 22, it was reported that the Ministry of Finance, together with the Ministry of Agriculture and Rural Affairs, recently allocated 219 million yuan in agricultural production disaster prevention and relief funds to support seven provinces, including Inner Mongolia, Hubei, Hunan, Guangdong, Chongqing, Guizhou, and Yunnan, in carrying out agricultural production disaster relief work. The funds will focus on providing appropriate subsidies for disaster relief measures such as crop replanting, repair of flood-damaged agricultural facilities, dredging and drainage of farmland, and emergency drying of summer grain. The aim is to fully support disaster-stricken areas in coping with the impact of floods, hail, and other disasters, accelerate the recovery of agricultural production, reduce agricultural losses, and help solidify the foundation for a bumper grain harvest.On June 22, US Vice President Vance addressed the nation from Switzerland. He stated that negotiations with Iran were progressing very smoothly and had yielded many positive developments. Technical discussions will continue, and he will soon return to the United States. The technical team still has much work to do, and technical negotiations will continue in the coming weeks and days. Vance noted that Iran has agreed to invite IAEA inspectors for a return visit, and the inspectors may begin work this week, as early as today. He may also have discussions with nuclear observers today. He emphasized that President Trump will respond when Iran makes false statements. Regarding the regional situation, Vance stated that a de-escalation mechanism has been established for Lebanon, hoping that Hezbollah will stop firing on Israel. This mechanism aims to curb the conflict in Lebanon while ensuring proper coordination and respect for Lebanese sovereignty. Furthermore, Vance stated that a mechanism has been established to keep the Strait of Hormuz open, which is currently open. He said he hopes to achieve a regional ceasefire and ensure Israels security, while believing that a very good foundation has been laid for a successful final agreement.June 22 - U.S. Vice President Vance said on the 22nd that the negotiations between the United States and Iran in Switzerland have made a lot of good progress, laying a very good foundation for reaching a final agreement. Iran has agreed to invite IAEA inspectors to visit Iran again.

Due to the Fed's hawkishness, gold prices fall below $1,700, while copper prices rise

Haiden Holmes

Oct 11, 2022 11:31

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On Tuesday, gold prices remained above their yearly lows after a precipitous drop in response to hawkish Fed signals, while copper prices soared on the expectation that Chinese demand will sustain despite recent challenges.


Spot gold increased 0.1% to $1,669.76 per ounce at 20:20 EDT, while gold futures rose 0.1% to $1,675.25 per ounce (00:20 GMT). Both slumped almost 2% on Monday, their steepest decline in more than two weeks.


Lael Brainard, vice chair of the Federal Reserve, emphasized the need for a restrictive monetary policy and indicated that the economic impact of previous rate hikes is not yet known.


She said that the bank will hold off on major rate hikes until there is "confidence that inflation will decline," providing no indication that its hawkish stance will shift.


Her statements lifted the currency and caused a widespread selloff. In addition, this year's rising interest rates will increase the prospective cost of holding the yellow metal, which will increase the pressure on gold.


As the Russia-Ukraine war intensified, the dollar also strengthened. Gold has not been a safe haven this year, with the exception of the conflict's early stages.


As rising interest rates reduced metal demand, the price of gold declined from its yearly highs. Along with the Federal Reserve, major central banks in Europe and Asia are seeking to limit inflationary runaway.


In the foreseeable future, this should impact gold and other precious commodities.


As China returned from a week-long vacation on Monday, copper prices increased 1.5%.


Copper futures remained flat at $3.4410 per pound on Tuesday, following a strong opening.


In spite of sluggish economic growth, the demand for copper in China has remained stable as domestic consumers have stocked up.


Copper has declined significantly this year because to fears that a sluggish global economy will have a negative impact on demand. However, China, the largest copper importer in the world, shows no indications of reducing its demand.


Later this week, Chinese trade data may offer further information about copper imports.