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March 16 - According to a report by Irans Fars News Agency on the evening of March 15, a spokesperson for the Iranian Islamic Revolutionary Guard Corps stated that most of the missiles currently being launched by Iran were "produced 10 years ago," and many missiles produced by Iran after the "12-Day War" in June last year "have not yet been used," and many of Irans missile arsenals "remain untouched."U.S. Energy Secretary Wright: Prices today are still far below those during the Biden administration, when they were asking Iran for favors, haggling, and even bribing Iran to “perform better.”Canadian Prime Minister Carney: I have arrived in London, England. The United Kingdom is one of Canadas oldest and most reliable partners.According to Irans Tasnim News Agency, Iranian President Pezehizian spoke by phone with French President Macron to discuss regional developments.March 16th - A Financial Times article points out that this week will be a "super central bank week." While the interest rate decisions of these central banks are not expected to bring any surprises, the policy guidance accompanying these decisions will be closely watched given the ongoing conflict in the Middle East. The four major central banks – the Federal Reserve, the European Central Bank, the Bank of England, and the Bank of Japan – will announce their decisions one after another on Thursday Beijing time. In addition, interest rate setters from Australia, Brazil, China, Canada, Indonesia, Sweden, and Switzerland will also meet this week. With the exception of the Reserve Bank of Australia, the other central banks are likely to keep interest rates unchanged. However, the war in Iran has increased the likelihood of a rate hike later this year. The interest rate market has responded hawkishly to the impending energy price shock; expectations for rate cuts by the Federal Reserve and the Bank of England have been erased, replaced by the possibility of a rate hike by the latter. Expectations for a rate hike by the European Central Bank this year have also increased further. Since the start of the war, the Bank of Japans interest rate path has remained relatively unchanged.

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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