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April 15 (Reuters) – Two U.S. government officials said on Tuesday that the Trump administration will allow a 30-day sanctions waiver for Iranian seaborne oil to expire later this week, as the U.S. currently blocks shipments from Iranian ports. The waiver, issued by the U.S. Treasury Department on March 20, allowed approximately 140 million barrels of oil to enter the global market and eased energy supply pressures during the war with Iran. U.S. Treasury Secretary Bessant stated last month that the waiver would expire on April 19. This move comes amid criticism from lawmakers of both parties for temporarily easing sanctions on Iran and Russia amid the ongoing U.S.-Israel war and the Russia-Ukraine conflict. One U.S. official said Washington has several tools at its disposal to target entities that purchase Iranian oil, including “secondary sanctions.” The source added, “Furthermore, with the reinstatement of UN sanctions on Iran and Iran’s history of attempting to cover up its illegal activities with seemingly legitimate ones, any transaction with Iran could trigger additional sanctions.”Market news: Two U.S. officials said the U.S. will allow temporary sanctions waivers targeting Iranian oil at sea to expire this week.Federal Reserve officials Paulson, Barkin, Collins, and Governor Barr will participate in a fireside chat at the Federal Reserve Boards working forum in ten minutes.Note: Federal Reserve Governor Barr did not comment on the U.S. economic outlook or monetary policy in his prepared remarks.Federal Reserve Governor Barr will deliver opening remarks in ten minutes at a working forum hosted by the Federal Reserve Board of Governors.

Gold price prediction: XAU/USD slips to $1,690 on Fed forecasts; US retail sales expected

Daniel Rogers

Sep 15, 2022 11:37

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Gold price (XAU/USD) has adopted a downward trend after falling below Wednesday's minimum of $1,693.67. The precious metal is falling nearing $1,690.00 as bears take control of rising probabilities for a massive Federal Reserve (Fed) rate hike in the near future.

 

Earlier symptoms of weariness have dissipated as a result of Tuesday's higher-than-anticipated US Consumer Price Index (CPI) report. Despite declining gasoline costs, the headline US CPI was announced at 8.3%, which was higher than the 8.2% prediction. The investment community believed that inflation had begun to respond to the Federal Reserve's (Fed) raising interest rates and that a succession of declining price pressures would soon enable the Fed to adopt a 'neutral' stance.

 

However, a US inflation report that exceeded forecasts demonstrates that the road to a neutral monetary policy is far from complete. Moreover, predictions of a one percent rate increase are currently ascendant.

 

In today's session, the US Retail Sales report will be of paramount importance. The economic data estimates do not indicate any improvement in retail demand. This could be the outcome of a fall in consumer confidence in the economy.

 

The gold price has experienced a precipitous decline after demonstrating a textbook-style test and the collapse of a consolidation pattern. On an hourly scale, the consolidation formed within the region of $1,697.12-1,709.62. At $1,698.70, the yellow metal is trading below the 20-period Exponential Moving Average (EMA), which increases the downside filters.

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