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We study the circular motion of particles with magnetic dipole moment around Schwarzschild black holes immersed in external asymptotically uniform and dipolar magnetic field configurations and calculate the orbital velocity of the particles. We assume that the flares observed around supermassive black hole Sagittarius (Sgr) A* detected by the GRAVITY ESO collaboration (on May 27, July 22, and July 28, 2018) are magnetized compact objects, in particular, neutron stars (NSs) and white dwarfs (WDs). Also, we apply orbital and luminosity data from (three) flares to explore the possible role of magnetic interaction on hot spots' dynamics. First, we found the mass range of SgrA* using the orbital data in the absence of external magnetic fields as M = (3-6.3) M-circle dot. It is also found that, for magnetized particles that can be in the hot spot's orbits, the magnetic coupling parameter beta has to take values less than 0.13 and 0.25 in the cases of external dipolar and uniform magnetic fields, respectively. The critical values for the surface magnetic fields, mass, and radius of magnetized NSs and WDs are found to be candidates for the hot-spot objects. Finally, we found upper and lower limits for the surface magnetic field, radius, and rotating period of the NSs and WDs, using the luminosity data of the hot spots.