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On August 28th, U.S. mortgage rates rose for the first time in three weeks, further squeezing housing affordability amid a weakening housing market. Freddie Mac data showed that the average rate for a 30-year fixed mortgage rose slightly to 6.66% from 6.65% the previous week, up from 6.56% a year ago. The U.S. housing market has remained sluggish this year. Mortgage rates briefly fell below 6% before the outbreak of the Middle East conflict at the end of February, but have remained above 6.5% since July, with little sign of a decline in financing costs. Thomas Ryan, senior economist for North America at Capital Economics, said, "High interest rates are still keeping the market in a stalemate." He added that if rates eventually fall to around 5%, pent-up demand could be significantly released, but it is unclear in the short term what factors could drive rates down to that level. U.S. new home sales fell to a six-month low in July, with pending sales of newly built single-family homes declining 10.5% to an annualized rate of 607,000 units, below market expectations of 620,000 units.August 28 - According to data released by Nepalese police on the 27th, as of 9 p.m. local time on the 27th, the death toll from flash floods in northern Nepal has risen to 389.Fannie Mae: The average yield on 30-year fixed-rate mortgages in the U.S. was 6.66% in the week ending August 27, up from 6.65% the previous week.The Russian Ministry of Defense stated that the Russian Armed Forces continue to conduct concentrated strikes against military industrial facilities, logistics centers, seaports, and ships serving the Ukrainian Armed Forces.Russian Defense Ministry: Russian troops attacked an oil tanker in the port of Izmail.

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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