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On May 25th, Japanese media reported that the oil tanker "Idemitsu Maru," operated by a Japanese company, arrived at a port in Aichi Prefecture, central Japan. This is the first Japanese oil tanker to leave the Strait of Hormuz and return to its home port since the outbreak of hostilities with Iran. According to Kyodo News, citing sources, the "Idemitsu Maru" carried 2 million barrels of crude oil, equivalent to approximately 80% of Japans daily crude oil consumption. All crew members, including three Japanese nationals, are in good health. The crude oil will next be transported via undersea pipeline to a refinery in Aichi Prefecture.As geopolitical tensions between the US and Iran ease, international oil prices continue to decline. A quick overview of the pre-market conversion prices of crude oil between domestic and international markets is provided in this chart.Spot gold and silver are trending upwards; a chart provides a quick overview of the pre-market conversion prices of gold and silver between domestic and international markets.On May 25, President Xi Jinping held talks with Serbian President Aleksandar Vučić at the Great Hall of the People in Beijing. Xi Jinping emphasized that the ironclad friendship between China and Serbia is unique, with a profound historical logic and a solid foundation in reality. Both sides should continue to firmly support each other. China supports Serbia in adhering to a development path suited to its own national conditions and is willing to strengthen exchanges of experience in governance with Serbia. Chinas 15th Five-Year Plan comprehensively outlines high-quality development goals; both sides should strengthen the alignment of development strategies, implement the medium-term action plan for jointly building the Belt and Road Initiative, and continuously promote cooperation in areas such as transportation and energy infrastructure. Facing the new wave of technological revolution and industrial transformation, both sides should increase cooperation in emerging fields such as artificial intelligence, the digital economy, green energy, and advanced manufacturing to explore new growth points.On May 25, Iranian media reported that an Iranian delegation led by Parliament Speaker Mohammad Ghalibaf arrived in Doha, the capital of Qatar. The delegation will hold consultations with senior Qatari officials on issues related to ending the conflict.

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).