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On July 23, Irans Deputy Foreign Minister, during a meeting with ambassadors and chargés daffaires from 25 European countries, stated that the US military actions had not yielded strategic gains and instead threatened regional and global peace and security. He urged Europe to uphold the UN Charter and international law, and condemned the "aggressive acts" against Iran. Iran noted that some European countries (including Spain) had not followed the US position but had taken different approaches. Iran also warned that Europe would be considered a participant in the conflict if it provided bases and territory to the US. Iran stated that it had inflicted serious damage on the "aggressors" in the previous 40-day war and would continue to defend its national interests in the new round of military operations.As of the 2:30 closing bell, the main Shanghai gold futures contract rose 1.16% to 904 yuan/gram, the main Shanghai silver futures contract rose 1.69% to 14,735 yuan/kilogram, and the main SC crude oil futures contract rose 2.74% to 565 yuan/barrel.The U.S. House of Representatives is considering a bill that would prohibit members of Congress from trading stocks.On July 23, Iranian Parliament Speaker Qassem Ghalibaf stated, "The logic of this war is clear: no one can stand aside. In a region where we cannot sell oil, no one can sell oil. If our security cannot be guaranteed, then no infrastructure will be secure. The security of the Strait is based on the absence of US troops. We have repeatedly stated that the situation in the Strait will not return to the pre-war state."Kremlin: Ukraines appointment of a new commander-in-chief of the armed forces will not change the situation on the front lines.

Gold Price Prediction: XAU / USD will continue to fluctuate above $1,900 despite a decline in US Inflation

Daniel Rogers

Mar 15, 2023 11:43

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Gold price (XAU / USD) is not in danger despite U.S. inflation figures meeting expectations. Since Monday, the precious metal has been fluctuating continuously between $1,895 and $1,913. The release of the US Consumer Price Index (CPI) failed to produce a significant reaction in the Gold price; however, the upside bias appears to be solidified as wagers on lesser rate increases from the Federal Reserve (Fed) have increased.

 

The US Dollar Index (DXY) is protecting the critical support at 103.50, but it appears vulnerable to further losses as investors' risk appetite has dramatically increased. As market participants purchased S&P500 futures in response to higher odds of a smaller rate hike from Fed chair Jerome Powell, a likely recession in the US economy was postponed, signaling an uptick in optimism.

 

Contrary to the risk-on sentiment, demand for US Treasury bonds remained weak, causing 10-year US Treasury yields to rise above 3.68 percent.

 

The headline As anticipated, the US CPI increased by 0.4% on a monthly basis, and the annual figure decreased from 6.4% to 6.0%. In addition, the core CPI, which excludes crude and food prices, decreased to 5.5% from 5.6% previously. The Fed appears to be pleased with the persistence of a declining trend in US inflation.

 

In the future, investors will closely monitor the US Retail Sales (Feb) data. Monthly Retail Sales data is anticipated to decline by 0.3% compared to the previous release of a 3.0% increase. This indicates that the consumer spending rebound is over and the Fed is on course to achieve its inflation target of 2%.

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