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According to Irans Tasnim News Agency, Iranian armed forces prevented two oil tankers from passing through the Strait of Hormuz on Sunday.On April 19th, the Turkish Foreign Minister stated on Sunday that both Iran and the United States are willing to continue negotiations to end the war. Although negotiations between the US and Iran have been largely completed, several differences remain. The Turkish Foreign Minister also stated that the ceasefire agreement, which expires next week, should be extended.On April 19th, Malaysian Prime Minister Anwar Ibrahim stated that Petronas, Malaysias national oil company, could negotiate with Russia on oil supplies to ensure sufficient national energy reserves to meet demand. Anwar noted that given the current economic climate, many European countries, despite having imposed sanctions on Russia, are now vying to purchase Russian oil, making Malaysias move reasonable. Anwar also mentioned that during Australian Prime Minister Albaneses recent visit to Malaysia, the two sides discussed cooperation on gasoline, diesel, and fertilizer supplies.According to Irans Nour News, the commander of the Iranian Revolutionary Guards Aerospace Force, Mousavi, stated that during the ceasefire, the replenishment rate of launchers was faster than before the war. Meanwhile, the enemy is facing difficulties in rebuilding its ammunition stockpile and must gradually import ammunition from abroad.April 19th - This morning, a Russian naval fleet successfully completed its five-day goodwill visit to Zhanjiang and departed from a naval port in Zhanjiang. At approximately 9:00 AM, the Russian Navy frigates "Perfect" and "Rinchenza," and the medium-sized oil tanker "Pechenga," departed the dock in succession. Representatives of the Southern Theater Command Navy lined the dock to hold a farewell ceremony for the Russian side. After departure, the Russian fleet was escorted out of territorial waters by the Chinese Navys "Chenzhou" ship, and the two sides then bid each other farewell via radio. During the visit, the Chinese and Russian sides organized a deck reception, exchanged ship visits, and conducted professional exchanges and sports competitions, further enhancing mutual understanding and friendship.

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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