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The Israeli military says that since the start of the war, Iran has launched more than 400 ballistic missiles at Israel, 92% of which have been intercepted.On March 22, local time, Israeli Prime Minister Benjamin Netanyahu stated in the southern city of Arad that Israel is responding to Iranian attacks, but not targeting civilians. Netanyahu indicated that Israels targets are the current Iranian regime and the Islamic Revolutionary Guard Corps (IRGC), and the Israeli military will directly strike the IRGCs leaders, as well as their infrastructure and economic assets.On March 22, He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, met with a delegation from the US-China Business Council in Beijing. He Lifeng stated that the China-US relationship is the most important bilateral relationship in the world today. He expressed hope that the US-China Business Council would continue to play its role as a bridge, promoting friendly exchanges and the steady and healthy development of China-US economic and trade relations. He also hoped that American companies would fully seize the opportunities presented by Chinas development, make good use of the potential of the Chinese market, and inject more stability and positive energy into China-US economic and trade relations.On March 22, Australian Climate Change and Energy Minister Chris Bowen announced that six fuel ships scheduled to arrive in Australia next month have had their voyages cancelled or postponed due to the Middle East conflict. In an interview with the Australian Broadcasting Corporation (ABC), Bowen stated that the six ships, originating from Malaysia, Singapore, and South Korea, were originally scheduled to arrive next month. He said that against the backdrop of the Middle East conflict, Australias fuel supply will experience "some fluctuations," and the government will "work with refiners and importers to mitigate the impact as much as possible." Bowen also stated that Australias current fuel reserves are slightly higher than pre-crisis levels, with gasoline reserves estimated at approximately 38 days and diesel and jet fuel reserves at approximately 30 days. Bowen ruled out the possibility of implementing fuel rationing measures in the short term.Israeli Prime Minister Netanyahu: Its time to get other world leaders into our war.

Gold Price Prediction: XAU/USD falls below the $1,670 barrier before the Fed's chosen inflation gauge

Alina Haynes

Oct 28, 2022 15:18

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Gold price (XAU/USD) consolidates its second consecutive weekly gain as bears test the $1,658 mark ahead of Friday's European session. In doing so, the yellow metal traces the recent decline in commodities and Antipodean currencies against the backdrop of the dollar's recovery.

 

In spite of this, the US Dollar Index (DXY) gains bids to extend yesterday's gains to 110.65 as 10-year US Treasury yields rise to 3.94 percent. In spite of this, benchmark bond coupon yields reverse a 10-week advance, which boosted equity and gold prices earlier in the week.

 

While seeking answers, the market's nervousness ahead of the US Core PCE Price Index for September, which is anticipated to jump to 5.2% from 4.9% previously, might be viewed as significant in light of the recent pullback in hawkish Fed wagers. As buzz surrounding the Fed's easy rate hike in December intensifies, the inflation number and market wagers on the Fed's next action become increasingly significant.

 

Other than the rebound in the DXY, economic concerns about China, one of the world's largest commodity consumers, and geopolitical concerns about Ukraine impose downward pressure on the XAU/USD exchange rate. "The International Monetary Fund (IMF) lowered its economic estimates for Asia on Friday due to global monetary tightening, increasing prices blamed on the war in Ukraine, and China's rapid slowdown," said Reuters.

 

In the midst of these plays, stock futures are red, mirroring Wall Street's poor performance, as bond markets pare recent gains.

 

In a probable lively session, the US inflation data and pre-Fed worries could provide XAU/USD bears some motivation.

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