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On August 28, it was reported that a helicopter carrying US President Trump experienced a flight safety incident in Washington in early August, drawing international attention. According to reports from CNN, the Associated Press, and other media outlets, the National Transportation Safety Board (NTSB) stated in a preliminary investigation report on August 27 that the helicopter carrying Trump, Marine One, was too close to a passenger plane due to a communication problem between the helicopter crew and air traffic controllers, with recent construction work at the White House playing a role in the incident.Market news: Qatar has extended the force majeure period for Pakistani liquefied natural gas until October.On August 28th, Guangzhou auctioned off three residential land parcels with a total starting price of 9.609 billion yuan. The residential land parcel on Shiliugang Road in the Pazhou South District of Haizhu District, auctioned in the morning, sparked fierce competition. This parcel is designated for Class II residential use with compatible commercial facilities, with a planned construction area of 131,200 square meters and a starting price of 6.056 billion yuan. It attracted five bidders, including Yuexiu & Poly, China Overseas, and China Resources Land. After 201 rounds of bidding, China Resources Land ultimately won the bid at 8.056 billion yuan, with a transaction floor price of 61,423 yuan per square meter and a premium rate of 33.02%. This transaction floor price also ranks among the top three highest transaction floor prices for residential land in Guangzhou.On August 28th, as Vietnam seeks to become a regional innovation hub, its leaders urged Qualcomm (QCOM.O) and Samsung to expand their investments in artificial intelligence, semiconductors, and research and development. According to a statement from the Vietnamese government, President To Lam, speaking at a meeting in Hanoi on Thursday, asked Qualcomm CEO Cristiano Amon to increase investment in areas such as artificial intelligence, semiconductors, robotics, 5G/6G, data centers, and next-generation connectivity technologies. The statement said Qualcomm hopes to develop its operations in Vietnam into its third-largest global AI research and development center. Another statement indicated that Vietnamese Prime Minister Le Minh Hung told Samsung Electronics CEO Roh Thai Mun that Vietnam hopes Samsung will continue to be an important partner in enhancing the countrys technological capabilities, developing its industrial base, and deepening its integration into global value chains. The statement noted that since production began 17 years ago, as of the end of June, Samsungs mobile phone manufacturing entities in Vietnam have accumulated exports of $500 billion. Samsung has invested $24 billion in Vietnam to date.According to Reuters, Vietnamese leaders have urged Qualcomm and Samsung Electronics to increase their investments in artificial intelligence, semiconductors, and research and development as Vietnam seeks to become a regional innovation hub.

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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