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On August 29, local time, the State Emergency Service of Ukraine issued an update stating that the Kyiv region, following an attack in the early hours of the morning, was again subjected to Russian military strikes. Multiple logistics infrastructure sites within the region were hit, triggering large-scale fires. Local rescue forces are currently engaged in firefighting and post-disaster recovery efforts. Russia has not yet responded to the attacks.On August 29, Zhu Zhongming, Deputy Secretary of the Shanghai Municipal Committee and Secretary of the Party Group of the Shanghai Municipal Government, chaired a meeting of the Party Group of the Municipal Government. The meeting emphasized the need to consolidate the positive economic trend, expand consumption and investment, stabilize foreign trade and foreign investment, and accelerate the construction of a modern industrial system. It stressed the importance of focusing on the important mission of building the "Five Centers" (center, center, and international exchange) and continuously strengthening the "Four Major Functions." The meeting called for deepening high-level reform and opening up, strengthening the guiding role of major national strategic tasks, and comprehensively and vigorously promoting pioneering reforms and leading opening up. It also stressed the need to steadily improve the level of peoples livelihood, adhering to the principle of reserving the best resources for the people and serving the people with high-quality services, ensuring that citizens sense of gain, happiness, and security continues to increase. Finally, the meeting emphasized the need to pay more attention to coordinating development and security, strengthening the investigation and rectification of various risks and hidden dangers, and making every effort to protect the lives and property of citizens.August 29th - At 11:20 AM local time today (August 29th), Nigers national television broadcast a statement from the Niger Ministry of Defense stating that the situation was under control and urging the public to resume normal life. From early this morning (August 29th), the Niger capital, Niamey, experienced a night of intense gun battles. According to sources, the conflict was a mutiny orchestrated by young officers within the Niger Armed Forces. The rebel forces converged on Niamey from both Tillabéri and Doso, launching multiple attacks and targeting key facilities such as the presidential palace, Diori Hamani International Airport, and Nigers national television station, causing a temporary interruption of broadcasting by Nigers national television station.August 29th - It is predicted that from 20:00 on August 29th to 20:00 on August 30th, there is a high probability of flash floods in parts of southern Hunan and northeastern Guangxi (orange alert), with a very high probability of localized flash floods (red alert). The counties (cities, districts) affected by the alert are shown in the table below. Other areas may also experience flash floods due to localized short-duration heavy rainfall. All localities are advised to pay attention to real-time monitoring, flood warnings, and evacuation and shelter measures.The Iraqi Kurdistan Regional Government stated that oil companies have resumed operations, pushing oil production up to approximately 230,000 barrels per day.

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).