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The Federal Reserve accepted a total of $200 million from one counterparty in its fixed-rate reverse repurchase operations.On October 24th, Reuters reported that two senior Iranian security officials revealed that Iran has developed detailed plans to strike undersea communication cables in the Gulf region should the United States and Israel launch another attack. One official stated that Iran might also prevent the repair of damaged cables to prolong the disruption of internet and other communication services. The official warned that if Iran is attacked, "there will be no more red lines," and undersea cables and military bases could become targets. Previously, Mani, the deputy head of political affairs for the Iranian Revolutionary Guard, threatened to strike seven major internet cables under the Strait of Hormuz, and the top security official, Rezaei, also warned that data centers and AI facilities in the Gulf region linked to the United States could be targets. Damage to undersea cables could disrupt internet, financial transactions, e-commerce, and cloud computing services in the Gulf region. Alan Mauldin, research director at TeleGeography, pointed out that the Strait of Hormuz carries less than 1% of global international bandwidth, so the overall global impact may be limited, but regional network disruptions and wartime repair difficulties are worth noting. The Red Sea could also be a potential risk area, although Iran has not publicly stated any plans to strike undersea cables there.Musk: The reality in Ukraine right now is that there is a huge difference in interests between the elite and ordinary people. The former have become very wealthy through the hundreds of billions of dollars flowing into Ukraine, while the latters children have been conscripted into the trenches to die.The total number of natural gas drilling rigs in the United States for the week ending October 23 was 132, compared with 133 in the previous week.BP and the state of Louisiana have reached an agreement to resolve the dispute over the Deepwater Horizon.

Gold Gains Weekly for the First Time in Six Weeks; Prices Remain Below $1,700

Haiden Holmes

Jul 25, 2022 11:43

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As the yellow metal's five-week losing streak came to an end, gold bulls achieved their first weekly victory since early June.


As markets prepare for the Federal Reserve's rate hike in July, analysts say the price of an ounce of gold, which is now hovering in the low $1,700s, may be susceptible to another slide below the $1,600 zone next week.


Analysts predict that if bullion maintains the tendencies of the last two days, it might rebound quickly from any dip into the sub-$1,700 range, propelling it to $1,800.


Ed Moya, head of U.S. research at the online trading platform OANDA, observed, "Gold is beginning to act as a safe haven as slowing economic growth compels many central banks to abandon aggressive tightening plans." "Gold may find resistance at $1,750, but if it does not, it will encounter few impediments until $1,800."


Gold futures for August delivery on the New York Comex gained $14, or 0.8 percent, to $1,727.40 per ounce on Friday, after trading around a 16-month low of $1,680.96 per ounce on Thursday.


After a five-week fall that cost bulls $172, or 9 percent, gold prices increased by 1.4 percent during the week of August.


On Friday, the Dollar Index, which compares the dollar to six major currencies, reached a two-week low of 105.98, causing the weekly rise. Unlike gold, the dollar reached its highest level since December 2002 last week, reaching 109.14.


Since the beginning of this week, the greenback has dropped, and its decline accelerated as the European Central Bank joined numerous other central banks on Thursday in raising interest rates to combat runaway inflation rather than prevent an economic recession.


The dollar declined on Friday as weaker-than-anticipated statistics from the U.S. services sector impacted on the currency's sentiment. S&P Global said that its most recent services sector index declined to 47 from a previous reading of 52.7 and a forecast of 52.6.


Contrary to initial forecasts, poor service statistics have increased the chance that the Fed would not raise interest rates by 100 basis points in July.

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