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The IEA will release its monthly oil market report in ten minutes.April 14th - Wealthy Middle Easterners are flocking to high-end European real estate hotspots as fears of war have spurred increased demand for temporary rentals and long-term accommodations. Real estate agents from London, Monaco, Switzerland, and the upscale Spanish resort of Marbella report increased interest in properties, with clients ranging from multi-millionaire traders to social media influencers, and families looking to relocate or permanently overseas before the Middle East conflict ends. They say investors who might have poured their money into the hottest Gulf property market are now looking for alternatives as the war has dragged on for two months.Qatar and Saudi Arabia emphasized the need to "consolidate" the US-Iran ceasefire.On April 14, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. Some South Korean media reported that the Taiwan authorities had previously expressed dissatisfaction with South Korea labeling Taiwan as "Taiwan, China" in the Taiwan issue selection option. What is Chinas comment on this? Guo Jiakun emphasized that Taiwan is part of China, and labeling it as "Taiwan, China" is perfectly reasonable. Chinas position on the Taiwan issue is clear and consistent. We hope the South Korean government fully recognizes that the Taiwan issue concerns the national sentiment of more than 1.4 billion Chinese people, adheres to the spirit of the China-South Korea Joint Communiqué on the Establishment of Diplomatic Relations, upholds the one-China principle, resists and opposes any form of "Taiwan independence," and works with China to promote the healthy and stable development of China-South Korea relations with concrete actions.On April 14th, Ling Ji, Vice Minister of Commerce and Deputy Representative for International Trade Negotiations, met with Lopez, Secretary of State for Trade at the Spanish Ministry of Economy, Trade and Enterprise, who accompanied Spanish Prime Minister Sánchez on his visit to China. The two sides exchanged views on China-Spain economic and trade relations. Ling Ji stated that in recent years, under the strategic guidance of the leaders of both countries, China-Spain economic and trade cooperation has maintained a stable and healthy development trend. Bilateral trade volume is expected to reach a new high by 2025, two-way investment is progressing steadily, and cooperation between the two countries industrial supply chains is continuously deepening. Chinas 15th Five-Year Plan outlines the overall deployment for building a strong domestic market and expanding high-level opening-up over the next five years, which will provide broad development opportunities for enterprises from Spain and other countries. He hoped that both sides would fully utilize the China-Spain Joint Committee on Economic and Industrial Cooperation mechanism, and welcomed Spains active participation in exhibitions such as the China International Import Expo and the China International Fair for Investment and Trade, to continuously explore the potential for trade and investment cooperation.

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).