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Rengo, Japans largest labor union, said on Friday that Japanese companies have agreed to wage increases of more than 5% for the third consecutive year, indicating that continued wage growth is gradually becoming a stabilizing trend supporting the worlds fourth-largest economy. The union, which has 7 million members, said the final results of the annual labor-management negotiations showed that Japanese companies agreed to an average wage increase of 5.01% this year. The average wage increase for Japanese companies was 5.25% last year and 5.10% the year before. Kazutaka Maeda, an economist at Meiji Yasuda Research Institute, said that the positive outcome of the labor-management negotiations, coupled with the positive turn in real wage growth in recent months, "should boost consumer spending and strengthen the case for the Bank of Japan to continue its gradual interest rate hike path." Analysts expect that robust corporate profits and a severe labor shortage will maintain the upward trend in wages, with many predicting similar wage increases next year.GFZ (German Center for Geosciences): A 6.25-magnitude earthquake struck Sakhalin Island.S&P Global: UK services sector business activity fell by the largest drop in nearly three and a half years in June. New orders fell for the fourth consecutive month, and input cost inflation slowed to its lowest level since March.According to the Iranian Students News Agency, Irans chief negotiator, Karibaf, stated that Iran will reinstate appropriate measures if the United States and Israel fail to fulfill their commitments.The Bank of Englands policy committee stated that businesses expect wage growth to rise 0.1 percentage point to 3.5% in the three months to June, compared to 3.4% in the three months to May.

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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