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June 22 - According to foreign media reports, sources revealed that the ruling coalition led by German Chancellor Merz is preparing to support a proposal for a comprehensive reform of Germanys pension system, including the introduction of a market-based savings mechanism, tightening early retirement rules, and gradually raising the retirement age. These recommendations, drafted by a government-appointed committee, will be submitted on Tuesday. The plan proposes a gradual introduction of supplementary pension contributions equivalent to 2% of total wages, which would be managed through a public fund vehicle and invested in the capital markets. The committee also recommends gradually raising the retirement age in line with increases in life expectancy. Furthermore, the proposal would abolish a popular early retirement pathway that allows workers who have contributed for 45 years to retire early. Pension reform is one of the most divisive issues in the coalition government, which has been in power for 13 months, and continues to test the long-standing policy differences between Merzs conservative wing and Klinkes Social Democratic Party.According to Reuters, Iranian sources say that negotiations between Iran and the United States in Switzerland have been suspended, but have not ended.According to Iranian state media, a spokesperson for the Iranian Foreign Ministry said that Sundays talks focused on ending the war, lifting sanctions, and releasing frozen Iranian funds.According to an Axios reporter, a diplomat involved in the talks said that the Iranian delegation did not leave and negotiations between the United States and Iran are still ongoing.On June 22, a member of the Iranian team involved in negotiations with the United States told Iranian state media on Sunday that a draft resolution regarding waivers for Iranian oil sanctions had been finalized. The person added that the waivers would be announced soon.

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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