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September 22 – Since the beginning of this year, leveraging its geographical and transportation advantages, the Khorgos Port, the largest land-based export port for automobiles in China, has seen a continuous surge in automobile exports, becoming a core growth driver for improving the quality and efficiency of Xinjiangs foreign trade. According to statistics from Khorgos Customs, from January to August this year, Khorgos Port exported 344,000 vehicles, a year-on-year increase of 33.3%. In addition to traditional gasoline-powered vehicles, the proportion of new energy passenger vehicles and commercial vehicles exported has increased significantly.Hong Kong-listed mainland property stocks retreated and weakened, with Sunac China (01918.HK) falling more than 8%, Jinhui Holdings (09993.HK) falling more than 4%, and Longfor Group (00960.HK) and R&F Properties (02777.HK) following suit.On September 22, the foreign ministers of the G7 countries called on Iran to halt its arms and support support to the Houthi rebels in Yemen, saying it constitutes a dangerous escalation pattern that could disrupt international trade and create global instability. The foreign ministers of the United Kingdom, Canada, France, Germany, Italy, Japan, and the United States issued a statement after meeting on the sidelines of the UN General Assembly, saying: "We condemn in the strongest terms the unacceptable attacks carried out by the Houthis in Yemen and against Saudi Arabia." "We call on the Houthis to immediately cease all military operations, all threats and attacks against civilian shipping, and to genuinely return to the political process."Market news: South Korea briefed lawmakers on nuclear power plants, Texas power plants, and Alaskan liquefied natural gas projects, with a focus on the Texas energy project.On September 22, South Korean Minister of Trade, Industry and Energy Kim Jong-kwan stated that the government has selected its first project under the $350 billion investment agreement reached between South Korea and the United States, and will brief lawmakers on two other projects under consideration. Seoul has not yet decided whether to proceed with the other two projects, but both reflect "the common interests of both countries." Kim Jong-kwan did not provide further details. After being briefed, South Korean lawmaker Chung Chin-ook stated that South Korea has decided to include a gas-fired power plant in Texas as the first investment project in the US under the aforementioned trade agreement. As part of a larger-scale nuclear energy investment plan under study, South Korea is discussing with the US investment in two APR1400 nuclear reactors designed in South Korea. South Korea is also seeking to acquire a 5% to 10% stake in Westinghouse Electric, a US nuclear power company. The South Korean lawmaker noted that the Alaska LNG project has not yet been confirmed for inclusion in the US investment plan.

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).