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On August 14th, according to foreign media citing a US official, Jared Kushner, President Donald Trumps son-in-law and peace envoy, plans to travel to Israel next week for talks on the Gaza situation. This comes as the US continues its diplomatic efforts to make progress on its long-delayed peace plan. The visit follows Israeli Prime Minister Netanyahus rejection of a 15-point proposal from the Peace Committee. The roadmap for this proposal, released at the end of last month, included the disarmament of Hamas, the takeover of Gaza by a new Palestinian government, and the withdrawal of Israeli troops from the Gaza Strip. The US official stated that the US and Israel have reached an agreement on the desired outcomes of the Gaza issue and will continue to cooperate on other issues of common concern. The official added that Kushner may also visit other Middle Eastern countries to discuss the Gaza plan with regional partners.The yield on Japans 20-year government bonds fell 1 basis point to 3.730%.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 3.4 occurred near Longchang City, Neijiang City, Sichuan Province (29.24 degrees north latitude, 105.24 degrees east longitude) at 09:33 on August 14. The final result is subject to the official rapid report.The Peoples Bank of China conducted 349 billion yuan of overnight reverse repurchase operations today.On August 14, a spokesperson for the Ministry of Foreign Affairs answered a reporters question regarding Ecuadorian President Noboas upcoming visit to China. Question: China has released information about Ecuadorian President Noboas visit to China. How does China view the current state of China-Ecuador relations? Could you please provide details of the visit and Chinas expectations? Answer: Ecuador is an important country in Latin America, and China and Ecuador are comprehensive strategic partners. In recent years, under the strategic guidance of the two heads of state, China-Ecuador relations have maintained a good momentum of development. The two sides have signed cooperation documents on jointly building the Belt and Road Initiative and a free trade agreement. Practical cooperation in various fields has yielded fruitful results, and the friendship between the two peoples has continued to deepen. This visit marks President Noboas first state visit to China. President Xi Jinping will hold talks with President Noboa, and Premier Li Qiang and Chairman Zhao Leji will meet with him separately. This year marks the 10th anniversary of the establishment of the comprehensive strategic partnership between China and Ecuador. China expects that this visit will further consolidate political mutual trust between the two countries, continue the traditional friendship, and promote the continuous development of the China-Ecuador comprehensive strategic partnership to better benefit the people of both countries.

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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