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On March 19, local time, Iran launched the 63rd round of Operation True Commitment-4 in the early hours of the morning. The Iranian Islamic Revolutionary Guard Corps issued an emergency statement announcing a large-scale missile attack on US-related oil and energy facilities in the region. This operation was a direct and reciprocal retaliation for the earlier attacks on Iranian energy infrastructure on March 18. The statement indicated that the retaliatory action aimed to target energy facilities "with US interests and US ownership." The statement emphasized that Iran originally did not want the war to escalate to the energy sector, nor did it wish to affect the economies of neighboring countries, but the enemys provocations have led the war into a "new phase." The statement confirmed that the Iranian armed forces have carried out multiple rounds of strikes to ensure that the damage suffered by the enemy is on par with the damage to Iranian infrastructure. The statement also warned that if the attacks continue, Iran will expand the scope of its strikes to all energy infrastructure of US and Israeli allies, until it is "completely destroyed."PetroReconcavo, Brazils oil company, estimates its proven oil reserves at 80.1 million barrels by the end of 2025.Security sources say Iraqi air defense forces intercepted and shot down a drone that was approaching Baghdad airport.The Central Bank of Brazil lowered the Selic rate from 15% to 14.75%, in line with market expectations of a 50 basis point cut to 14.5%.Israel Defense Forces: A missile launched from Iran has been detected heading towards Israeli territory. Defense systems are operational to intercept the threat.

Forecast for Gold Price: XAU/USD seeks another run above $1,825 despite USD recovery

Alina Haynes

Jan 03, 2023 15:14

Gold price is nearing six-month highs while maintaining gains above the major resistance level of $1,825 thus far on Tuesday. The gold price is continuing its recent increase at the start of 2023, despite the general strengthening of the US dollar.

 

Concerns about a probable global economic slowdown, China's covid comeback, and rising inflation are dragging on market mood, hence pushing demand for the traditional safe-haven Gold price. Expectations that the US Federal Reserve (Fed) would continue its tightening cycle this year to combat rising inflation maintain investor mood generally negative.

 

The risk-off movements are also assisting the US Dollar in finding a floor, limiting the precious metal's advance. In addition, US Treasury bond yields ended the final week of 2022 on a positive note, reducing the Gold price's ability to rise.

 

The S&P Global Manufacturing PMI for December, the first relevant US economic data to be issued this year, will provide additional trade impetus. In addition, markets will closely watch the Wall Street opening for further risk sentiment indicators.

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