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October 18th - According to the latest warning notice issued by the UK Maritime Trade Operations Office (UKMTO), a maritime attack occurred in the waters northeast of Khor Faikan, UAE, on October 18th local time. A tugboat sailing south was attacked by two unidentified projectiles, resulting in damage to the hull and minor injuries to one person. The notice stated that despite the damage to the tugboat, it is continuing its planned route. Authorities are investigating the incident. Given the security risks in the area, the UK Maritime Trade Operations Office has issued a security warning to all vessels, advising them to exercise high vigilance and exercise caution when passing through the area, and to immediately report any suspicious activity to the UK Maritime Trade Operations Office.On October 18th, Woodside Energy, Australias largest natural gas exporter, stated that pre-commissioning preparations for its Scarborough gas platform, located off the coast of Western Australia, remain suspended after Greenpeace protesters boarded the platform. In a statement, Woodside said, "Greenpeaces actions have triggered significant and potentially costly responses that could have been entirely avoided." The company stated its support for a strong response from authorities, emphasizing the maximum extent possible in accordance with the law. Greenpeace stated on Sunday that protesters spent Saturday night on the Scarborough platform. The statement said two protesters had erected temporary suspended tents on the platform, while two others had returned to their ships. Greenpeace previously stated that the gas project poses a threat to marine ecosystems and will increase greenhouse gas emissions.October 18 – The Norwegian government announced on Sunday that Norway, along with other members of the European Free Trade Association (EFTA), including Iceland, Liechtenstein, and Switzerland, have signed a free trade agreement with Vietnam. In a statement, the Norwegian government said that after the agreement takes effect, approximately half of Norways exports to Vietnam will enjoy zero tariffs, and within seven years, the proportion of exports enjoying zero tariffs will exceed 98%. Vietnam and the EFTA concluded negotiations in July this year after years of talks. The two sides initially launched negotiations in 2012.US Vice President Vance: If Iran is allowed to control shipping through the Strait of Hormuz, global energy supplies will be constrained, and gasoline prices will rise. We will see gasoline prices fall after this conflict ends. The US military is ensuring the smooth passage of oil through the Strait of Hormuz.On October 18, the Saudi-led coalition stated that an AH-6I helicopter crashed in the Najran region of Saudi Arabia due to a "technical malfunction," killing both crew members. The Houthi rebels in Yemen had previously issued a statement on the evening of October 17 claiming to have shot down a Saudi Apache helicopter in the Najran region.

Gold Gains Some Solace As Dollar Falls From 20-Year Highs

Aria Thomas

Aug 31, 2022 10:53

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Gold prices gained slightly on Tuesday as the dollar retreated from a 20-year high, but hawkish Federal Reserve signals remained a market drag.


Around 21:07 E.T., spot gold rose 0.1% to $1,738.55 per ounce, while gold futures exceeded $1,750 per ounce with a rise of the same size (01:07 GMT).


Due to the dollar's minor weakness, bullion prices climbed on Monday. The dollar declined versus the euro as a result of forecasts that the European Central Bank will tighten monetary policy more aggressively than initially anticipated.


However, the possibility of rising U.S. interest rates severely dampens the outlook for gold.


The price of gold fell last week after the Federal Reserve indicated that it had no plans to ease monetary tightening. This action pushed the dollar to its highest level in twenty years and increased short-term Treasury yields.


Currently, the metal markets are anticipating this week's U.S. employment report. If the labor market continues to strengthen, the Federal Reserve will likely be able to hike interest rates more quickly.


After the Fed's remarks on Friday, the markets are pricing in a greater possibility of a 75-basis-point rate hike in September.


Despite volatility in the stock and currency markets, there have been little safe-haven purchases of gold. Nonetheless, things might change if economic conditions worsen.


Analysts at Oanda wrote in a note: "If equities remain in risk aversion mode as the speculative money that bought risky assets this month becomes nervous that economic growth is about to implode, gold could stabilize here."


Copper prices rose among industrial metals on Tuesday, aided by a falling dollar.


Copper futures rose 0.3 percent to $3.6108. Due to China's deterioration, copper prices are substantially below their levels from 2022. China is the top importer of copper.


The Chinese manufacturing activity data on Wednesday will provide further insight into copper demand.