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The SC crude oil futures contract surged 4.00% intraday, currently trading at 731.70 yuan per barrel.At the opening of the morning session, most domestic futures contracts rose. Methanol rose nearly 4%, container shipping to Europe and SC crude oil rose over 3%, fuel oil and synthetic rubber rose over 2%, and coking coal, polyvinyl chloride (PVC), benzene, caustic soda, liquefied petroleum gas (LPG), and low-sulfur fuel oil (LU) rose nearly 2%. On the downside, palladium fell nearly 3%, Shanghai gold and soybean meal fell over 1%, and rapeseed meal fell nearly 1%.On September 9th, local time, the Iranian Islamic Revolutionary Guard Corps (IRGC) issued a statement claiming that in response to the US militarys aggressive actions and malicious harassment of Iranian oil tankers and ships, the IRGC Aerospace Force used ballistic missiles to strike the US destroyers USS Delbert D. Black (DDG-119) and USS John Paul Jones (DDG-53), both equipped with cruise missiles and the Aegis Combat System. The IRGC stated that the attack caused serious damage to the US warships. The IRGC reiterated its firm stance against the USs desperate actions and warned the enemy against any miscalculations.On September 9th, the Iranian Islamic Revolutionary Guard Corps (IRGC) issued a statement early this morning (September 9th) local time, stating that in retaliation for the US aggressive attack on Iranian oil tankers, the IRGC Aerospace Force launched a fierce missile strike against US military bases in Jordan. During this ballistic missile strike, maintenance and deployment hangars and fighter bunkers for US F-35, F-16, and F-15 fighter jets were hit, inflicting heavy damage on the enemy. The statement emphasized that the Iranian armed forces vigilance and decisive fighting against the enemy are driving the aggressors into despair until their acts of aggression are completely stopped.According to Futures News on September 9th, as of 8:30 AM Beijing time, spot platinum rose 0.18%, while spot palladium fell 0.33%.

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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