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According to US financial media Semafor, the US artificial intelligence safety bill may be submitted as early as next week.On September 10th, according to futures market reports, crude oil prices generally trended upward this week, with the weekly average price rising compared to the previous week. According to JLC Network Technologys calculations, as of the ninth working day on September 10th, the average price of benchmark crude oil was $92.87 per barrel, with a change rate of 5.89%, indicating that domestic gasoline and diesel retail prices should increase by 330 yuan per ton. Based on the "ten working days" principle, the adjustment window for this round of prices is at 24:00 on September 11th. Affected by the escalating tensions between the US and Iran, the expected increase in retail prices may reach around 400 yuan per ton. In summary, if the conflict further escalates, a continued surge in international oil prices next week cannot be ruled out, leading to an increase in domestic refined oil retail prices, providing positive support for the oil market.A spokesperson for the European Commission stated that the EUs cybersecurity agency, ENISA, has been granted access to OpenAIs latest model, GPT-6-ASTRA.On September 10th, a spokesperson for the Pakistani Ministry of Foreign Affairs stated at a press conference that some Pakistani armed forces personnel are currently in Saudi Arabia for training and related logistical work. This is the first official confirmation of this information from Pakistan. The spokesperson stated that Pakistan and Saudi Arabia have a long-standing bilateral relationship and defense cooperation. According to the Mecca Mutual Defence Agreement, both sides and relevant countries will further advance relevant defense cooperation arrangements. The spokesperson noted that the Mecca Mutual Defence Agreement is a framework agreement, and specific procedures, mechanisms, and cooperation structures still need to be developed within its framework.The UK 2-year yield rose 2 basis points to 4.72%, the highest level since November 2023.

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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