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June 17 – The expansion plan for the comprehensive reform pilot program of offshore trade and financial services in the Lingang New Area was officially released in Shanghai today. Based on the successful experience of the previous pilot program, the Peoples Bank of China approved a comprehensive expansion and upgrade of the pilot program. The scope of pilot business has been expanded from a single scenario of offshore trade to all scenarios of offshore business. This supports pilot enterprises in deeply integrating into the global supply chain and industrial chain, participating in various global production, sales, and service activities at a deeper level and in a wider range of fields. It also more precisely supports the strategic positioning of the Lingang New Area to "coordinate the development of onshore and offshore businesses," enabling Shanghais offshore financial services to serve the forefront of the national economy and cutting-edge industries. Accordingly, the pilot programs name has been upgraded from "Comprehensive Reform Pilot Program for Offshore Trade and Financial Services in the Lingang New Area" to "Comprehensive Reform Pilot Program for Offshore Business Financial Services in the Lingang New Area."French President Macron: It is very important that Iran, Hezbollah in Lebanon, and Israel do not resume the conflict.EU officials: The EU is not a mediator, but supports Ukraines efforts to achieve a just and lasting peace.EU officials: The EU has interests to defend under any circumstances in the future, therefore establishing diplomatic channels with Russia is crucial.French President Macron: This G7 summit demonstrates a genuine shift in the US attitude toward Ukraine.

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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