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The Reserve Bank of Australia will announce its interest rate decision in ten minutes.1. Goldman Sachs: The Reserve Bank of Australia (RBA) is expected to hold rates steady, eliminating expectations of rate cuts in November and February. 2. Capital Economics: The RBA is expected to hold rates steady, as two more rate cuts are unlikely given the current economic rebound. 3. Westpac: The RBA is expected to hold rates steady, as the easing cycle may have ended prematurely, and expectations of a February rate cut have wavered. 4. ANZ: The RBA is expected to hold rates steady, but a December rate cut is possible if economic activity performs significantly worse than expected. 5. Moodys Analytics: The RBA is expected to hold rates steady as inflationary pressures are increasing and the path to the target inflation range is becoming more difficult. 6. HSBC: The RBA is expected to hold rates steady, as deflationary momentum has completely stalled, and the RBAs next move may be a rate hike in 2027.On November 4th, the overnight SHIBOR was 1.3150%, down 0.10 basis points; the 7-day SHIBOR was 1.4150%, up 0.30 basis points; the 14-day SHIBOR was 1.4780%, up 0.90 basis points; the 1-month SHIBOR was 1.5460%, unchanged from the previous trading day; and the 3-month SHIBOR was 1.5940%, down 0.10 basis points.The Singapore dollar fell 0.2% against the US dollar to 1.307, its lowest level since May 12.The yen erased its earlier losses after the Japanese finance minister made comments on foreign exchange.

Gold Price Prediction: XAU/USD oscillates about $1,650 as DXY recovers recent losses

Alina Haynes

Oct 25, 2022 15:24

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Gold price (XAU/USD) is indecisive while rebounding from intraday lows to $1,650 ahead of Tuesday's European session.

 

Nevertheless, the yellow metal attracted purchasers earlier in the day due to a weaker U.S. dollar, but the currency's recent resurgence looks to have weighed on the price recently. It should be mentioned that unfavorable concerns regarding China, one of the world's largest gold consumers, have recently posed a threat to the pricing of precious metals.

 

In the absence of Fed-speak, the US Dollar Index (DXY) gains bids to reclaim the 112.00 mark while trimming its first weekly loss in three weeks. It should be emphasized that the Fed's aggressive rhetoric and weak US PMIs also support the DXY's safe-haven appeal.

 

China's efforts to protect its struggling economy and worldwide pessimism regarding Xi Jinping's third term, not to mention Hang Seng's decline to a 13-year low, impose downward pressure on market mood and the XAU/USD exchange rate.

 

US 10-year Treasury rates continue under pressure around 4.21 percent, down two basis points (bps), while US stock futures and Asia-Pacific markets are moderately bid.

 

Moving forward, second-tier US Housing data and Consumer Confidence indicators may delight gold speculators before Thursday's third-quarter US Gross Domestic Product report (Q3).

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