Oil and Metals
Trump rejects Iranian proposal to reopen Strait of Hormuz
Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz within seven days on Sept 26. Brent crude rose near $108 a barrel while gold dropped more than 2% to touch $4,110.55 an ounce on Sept 28.
How we got here
- The Federal Reserve raised its target range by 0.25 percentage point to 3.75%-4.00%, citing elevated inflation. Gov
- Houthis launched a missile attack on Saudi Arabia, reviving fears of supply disruptions. Investing
- Trump said he rejected Iran's proposal to reopen the Strait of Hormuz and end fighting. Bloomberg
- Gold dropped as inflation concerns, rate-hike expectations, a stronger dollar, and higher Treasury yields weighed on bullion. Reuters
- Private-sector employment increased by 90,000 jobs. Adp
- CNBC reported spot gold at $4,155.65 an ounce early Thursday and said it had fallen more than 6% in September; the U.S. payrolls report was due the next day. CNBC
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