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On July 18, Chen Jining, Secretary of the Shanghai Municipal Committee of the CPC, met with Richard Sutton, Turing Award laureate and Chief Scientist of Openmind Research Institute, who was in Shanghai to attend the 2026 World Artificial Intelligence Conference and the High-Level Meeting on Global Governance of Artificial Intelligence. Chen Jining introduced the development of artificial intelligence in Shanghai. He said that artificial intelligence is one of the three leading industries that Shanghai is focusing on developing. Adhering to the people-centered and benevolent principles, Shanghai maintains strategic agility and perseveres, focusing on strengthening basic research, cultivating and optimizing the innovation ecosystem, and accelerating the construction of a high ground for artificial intelligence development and governance innovation. Mr. Sutton is a renowned scholar in the field of artificial intelligence. He welcomed him to seize this rare historical opportunity to more closely integrate his research advantages with Shanghais innovation advantages, talent advantages, and ecosystem advantages, and to deepen communication, cooperation, and open collaboration in strengthening basic research and talent exchange and training, so that this cutting-edge technology can better benefit human society. Shanghai will continue to create an open and inclusive innovation ecosystem, provide efficient and convenient matching services, and better support global scientists and talents to innovate, start businesses, and achieve their dreams in Shanghai.On July 18, Kuwait Oil Company (KOL) stated in a press release that a "critical" facility was subjected to multiple fierce attacks by Iran, resulting in multiple casualties and significant damage. The injured have received medical treatment, and the facility has been evacuated. KOL is coordinating with relevant departments to respond to the attack. The press release did not specify the exact location of the attacked facility.According to the Kuwait News Agency, the Kuwait Petroleum Corporation (KPC) stated that an Iranian attack damaged an oil facility, resulting in injuries and significant property damage.According to the Jordanian National News Agency, Jordan intercepted and shot down four drones that had violated its airspace.July 18th - Question: It is reported that the British government announced on the 16th that it has nationalized British Steel under the Steel Industry (Nationalization) Act, taking over the company previously controlled by Chinas Jingye Group, and will establish a compensation mechanism through secondary legislation to independently assess compensation matters. British Prime Minister Starmer stated that the decision safeguards the future of the British steel industry and protects skilled jobs. What is Chinas comment on this? Foreign Ministry Spokesperson: The Chinese Ministry of Commerce has already responded, which you can refer to. I would like to emphasize that this matter has attracted great attention from the Chinese public. How the UK handles this matter will directly affect Chinese investors perception of the UKs investment environment and the Chinese publics perception of the British governments credibility. China and the UK have signed an investment protection agreement, and the legitimate rights and interests of investors must be fully protected in accordance with the law. China urges the UK to earnestly respect market principles and the spirit of contracts, and find a mutually acceptable solution, including how to compensate. China supports enterprises in using legal means to protect their rights and is closely monitoring the developments of the matter; it will take measures to protect its rights if necessary.

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).