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Chart: Precious metals market data for Industrial and Commercial Bank of China accounts on Monday, August 24, 2026.Gold prices rose during Asian trading hours on August 24th. ING strategists stated in a report that gold prices have rebounded sharply from July lows, rising from around $4,000 per troy ounce in mid-July to approximately $4,600, returning to levels seen since May, supported by recovering investment demand and growing market anxiety about the US fiscal outlook. The strategists noted that the prospect of the US Treasury potentially expanding its bond-buying program has refocused market attention on US government borrowing and fiscal credibility. They added, "This has also reignited concerns about currency devaluation, further enhancing golds appeal as a store of value."On Monday, August 24, the Hang Seng Index opened down 229.34 points, or 0.88%, at 25,780.12; the Hang Seng Tech Index opened down 53.0 points, or 1.11%, at 4,713.16; the H-share Index opened down 84.99 points, or 0.98%, at 8,549.35; and the Red Chip Index opened down 4.37 points, or 0.1%, at 4,287.98.Hong Kong stocks opened lower, with the Hang Seng Index down 0.88% and the Hang Seng Tech Index down 1.11%; Alibaba (09988.HK) opened down 8.05% after announcing a proposed placement of HK$80 billion in new shares.On August 24th, it was learned from the Cold Chain Professional Committee of the China Federation of Logistics and Purchasing that the total demand for food cold chain logistics in the first half of the year reached 200 million tons, a year-on-year increase of 4.7%, with the growth rate accelerating by 0.3 percentage points compared to the same period last year; the total revenue of food cold chain logistics service companies was 290.18 billion yuan, a year-on-year increase of 3.7%. The penetration of new energy refrigerated trucks accelerated, and the proportion of green transportation capacity reached a new high. It is estimated that refrigerated truck sales in the first half of the year reached 42,111 units, a year-on-year increase of 42.9%; among them, sales of new energy refrigerated trucks reached 20,285 units, a year-on-year increase of 92.3%, maintaining a high-speed growth trend. The penetration rate of new energy refrigerated trucks reached 48.2%, an increase of 12.4 percentage points compared to the same period last year. The penetration rate in the second quarter rose to 54.7%, showing an accelerating penetration trend. For the first time in a quarterly dimension, the penetration rate of new energy refrigerated trucks surpassed that of traditional fuel vehicles, indicating that the greening process of cold chain transportation has entered an accelerated development stage.

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).