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MINIMAX-W (00100.HK) fell by more than 10%.July 9th - Goldman Sachs predicts that if the 60-day negotiations continue and Iranian oil waivers are reinstated, oil flows in the Persian Gulf will recover by the end of July, requiring an additional 6.6 million barrels per day to be transported through the Strait of Hormuz. However, if negotiations break down, tanker attacks escalate, and the US may impose a blockade on Iranian oil, Persian Gulf flows could decline further.On July 9, Irans Permanent Representative to the United Nations, Illavani, sent a letter on July 8 to UN Secretary-General António Guterres and the Security Councils President for the month, Zenon Ngai Mukongo, Permanent Representative of the Democratic Republic of Congo to the UN, condemning in the strongest terms the United States repeated acts of aggression and its continued violations of the UN Charter and other norms of international law. The letter stated that the latest round of US aggression blatantly violates relevant provisions of the UN Charter and contravenes the provisions of the Islamabad Memorandum of Understanding. The USs repeated and deliberate violations of its commitments fundamentally betray the Memorandum of Understanding and must bear full international responsibility for all legal and political consequences arising from its illegal actions and the dangerous escalation of the situation. Given the seriousness of the situation, Iran reiterated the responsibilities entrusted to the UN Secretary-General and the Security Council by the UN Charter, particularly in cases involving aggression and threats to international peace and security. Iran urgently called on the Secretary-General and the Security Council to take immediate, effective, and decisive measures to compel the United States to cease its continued illegal acts of aggression and prevent further escalation.Samsung Electronics shares erased earlier gains and are currently down 2.2%.Oil-themed funds fluctuated higher, with Harvest Crude Oil LOF, E Fund Crude Oil LOF, and Southern Crude Oil LOF all rising over 7%. The S&P Oil & Gas ETF Fullgoal rose over 4%, and its oil LOF rose over 3%. Other oil funds, such as Huabao Oil & Gas LOF, followed suit. This was in response to news that Iran struck four US military bases in Kuwait and Bahrain.

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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