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On January 12th, ING Bank currency analyst Francesco Pesole stated in a report that the Swiss franc has become the most popular safe-haven currency among major currencies amid concerns about the Federal Reserves independence. Pesole pointed out that the Swiss franc became the best-performing G10 currency on Monday after news broke that Fed Chairman Powell was facing a criminal investigation over the Feds headquarters renovation project. Powell stated that this was merely an excuse for President Trump to force the Fed to cut interest rates. Pesole also indicated that the euro and Swedish krona could potentially benefit from these concerns about the Feds independence.On January 12, Zhipu (02513.HK) issued an announcement stating that, following recent reports that the Group has established a strategic partnership with a travel platform, and after making reasonable inquiries regarding the Company in the relevant circumstances, the Company confirms that the partnership is conducted in the ordinary and usual course of the Groups business. The Company is not aware of any information that needs to be disclosed to avoid a false market in the Companys securities, or any inside information that needs to be disclosed under Rule 13.09(2) of the Listing Rules and Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).Federal Housing Finance Agency Director Pulte: Fannie Mae and Freddie Mac are valued between $500 billion and $1 trillion.Federal Housing Finance Agency Director Pulte: Fannie Mae and Freddie Macs initial public offerings are still under discussion.Federal Housing Finance Agency Director Pulte: I will meet with homebuilders this week.

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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