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US President Trump: Iran has not paid salaries to a large number of its military personnel.US President Trump: The humanitarian crisis in Iran must stop immediately.On August 25th, Anwar Gargash, advisor to the UAE president, stated that Irans attacks on Gulf states have weakened its own position and suggested that Tehran should cooperate with its neighbors to end the conflict. Gargash stated, "As the US-Iran confrontation enters a new phase characterized by escalating economic pressure, the end of attempts to control the Strait of Hormuz, and the conclusion of the memorandum of understanding phase, we reiterate that Irans aggression against the Arab Gulf states has not achieved its intended objectives; it has only deepened Tehrans predicament and proven to be a seriously misguided strategic choice, exacerbating Irans isolation and weakening its own position." "The way to end this war is not through attacking the Arab Gulf states, but through cooperation with them to pave the way for de-escalation and a political solution to the conflict."On August 25, a spokesperson for the Qatari Ministry of Foreign Affairs stated that Qatar opposes Irans attempts to drag regional countries into war should a third party attack it. He also indicated that Gulf states have fully coordinated on the possibility of escalation. The Qatari Ministry of Foreign Affairs stated that the situation in the Strait of Hormuz should return to its pre-crisis state and emphasized the necessity of freedom of navigation.On August 25, a spokesperson for the Qatari Ministry of Foreign Affairs stated that the US sanctions against Iran are unilateral, and Qatar supports mediation efforts to resolve the dispute between the two countries.

Gold Price Prediction: XAU/USD is poised to break below $1,950 as the USD Index reaches a new weekly high

Alina Haynes

Apr 03, 2023 14:13

After a massive sell-off during the Asian session, the gold price (XAU / USD) is hovering close to $1,950. The price of gold is expected to continue to decline as concerns of a resurgence in U.S. inflation are rekindled by higher crude prices following the decision of OPEC+ to reduce production. The Producer Price Index will increase as a result of factory proprietors increasing the prices of products and services at factory gates in response to higher oil prices. (PPI). Eventually, inflationary pressures in the United States would increase significantly.

 

The US Dollar Index has been invigorated by the environment of rising inflation expectations. (DXY). Investors believe that the Federal Reserve (Fed) will have no choice but to raise interest rates, which has caused the USD Index to reclaim its weekly high above 103.00. In May, Fed Chair Jerome Powell may announce an additional 25 basis point (bps) rate increase, which will drive interest rates above 5%.

 

The abatement of US banking worries is another factor that has a significant impact on the gold price. Investors have digested the short-term hysteria caused by the failure of three mid-sized banks, and they anticipate no further casualties in the near future.

 

The inability of S&P500 futures to recover losses from the morning session is due to the likelihood that higher oil prices will result in higher operating costs for oil-dependent companies. The alpha produced by 10-year U.S. Treasury yields has surpassed 3.52 percent.

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