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On August 30, Iraqi Prime Ministers Security Advisor Qassem Araji stated in a recent interview with Al Jazeera that Iraq maintains "good relations" with both Iran and the United States and seeks to act as a "bridge" for communication among all parties to reach an agreement that safeguards the interests of the entire region. He added that Iran has emphasized the necessity of eliminating extremist groups within Iraq.On August 30th, SK Hynix CEO Guo Luzheng stated that the company remains open to further investment in the US semiconductor industry, while predicting that the global memory chip shortage will continue until the end of 2030. "We are always open to more investment, but no decisions have been made yet," Guo Luzheng said. He stated that SK Hynix is searching globally for potential sites that can meet its R&D and testing needs, noting that electricity, water resources, and government incentives are key considerations. Guo Luzheng said, "We are open to any location that can provide sufficient infrastructure and resources." He also expressed hope that the company will bring "more good news" to the US artificial intelligence industry in the future.Iraqi Prime Ministers Security Advisor Qassem Araj: Iraq seeks to become a "bridge" between Iran and the United States.On August 30th, Ontario Premier Doug Ford unveiled a new plaque for Lake Ontario on Saturday afternoon. This came just days after US President Trump renamed one of North Americas Great Lakes "Lake America." Fords move comes amid escalating trade tensions between Canada and the United States. Ford reiterated that Ontario will "never back down" and will always defend its interests. Ford stated, "Trump can call it whatever he wants, but I can tell you, the rest of the world will always call it Lake Ontario." He added, "Ive received many calls from governors who say, Well always call it Lake Ontario, and obviously, Canada will always call it Lake Ontario. Thats the message we want to send to President Trump."Explosions were heard in Kyiv, the capital of Ukraine, on August 30. Air raid sirens had been sounded earlier in the city.

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.

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