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December 30th - Overnight, all three major US stock indices weakened, and the China Golden Dragon Index retreated. Hong Kong stocks traded with a slightly stronger bias in the morning session, exhibiting volatile movements. The Hang Seng Index opened flat at 25636 points, briefly falling 24 points to a low of 25611 before stabilizing. It then regained its upward momentum, with gains exceeding 100 points at one point, reaching a high of 25775 points, a rise of 140 points. At the close, the Hang Seng Index rose 0.44% in the morning session, while the Hang Seng Tech Index rose 1.04%. Turnover in the Hang Seng Index market narrowed to HK$96.54 billion. On the sector front, semiconductor stocks continued their strong performance from yesterday, while oil and gas and film and television stocks surged. Non-ferrous metals and heavy machinery stocks rebounded, and robotics concept stocks strengthened. Biopharmaceuticals and cosmetics stocks continued their weakness, while new consumption concepts, power equipment, and photovoltaic solar energy stocks experienced volatile pullbacks. In terms of individual stocks, Insilicon (03696.HK) surged over 34% on its first day of trading, Midland Holdings (02671.HK) rose over 30%, Baidu (09888.HK) gained nearly 7%, and CNOOC (00883.HK) climbed over 4%. Meanwhile, Laopu Gold (06181.HK) and Pop Mart (09992.HK) fell over 5%, and Xinyi Solar (00968.HK) dropped nearly 2%.On December 30th, the Ministry of Education held a press conference to introduce the progress and achievements of digital education during the 14th Five-Year Plan period. It was learned that the National Smart Education Platforms resource and service system has been continuously improved, with the recent addition of preschool education and postgraduate education modules, achieving full coverage of the platforms service recipients. Simultaneously, the National Big Data Center, serving as the national-level education "data foundation," and the National Platforms intelligent middleware platform, acting as the "smart brain," were officially launched today, enabling the sharing and integration of educational data and the intelligent upgrade of the national platform, propelling the basic digital education service capabilities into a new stage of intelligence.On December 30th, Hengda High-Tech stated on its interactive platform that the company has applied for an invention patent related to solid-state battery technology, which is currently in the examination and public announcement stage. At present, it is not involved in any business in the aerospace field.On December 30th, it was learned from the Ministry of Natural Resources that during the 14th Five-Year Plan period, my countrys surveying and mapping geographic information industry has accelerated its transformation and upgrading, with significant progress made in the construction of a real-scene 3D China and a nationwide network of satellite navigation and positioning reference stations. The Ministry of Natural Resources stated that during the 14th Five-Year Plan period, my countrys surveying and mapping geographic information industry has undergone continuous transformation and upgrading. Intelligent surveying and mapping technologies have made continuous innovation and breakthroughs, achieving independent support for natural resource satellite remote sensing imagery, and data is updated monthly and quarterly. Breakthrough progress has been made in the research and development of surveying and mapping equipment, with products such as UAV photogrammetry systems, BeiDou receivers, and high-precision total stations reaching international first-class levels. At the same time, a preliminary real-scene 3D China has been established, with 5-meter and 10-meter grids and other series of products covering the entire land territory, and 1:10,000 data covering 70% of the land territory.On December 30th, the Ministry of Natural Resources stated that during the 14th Five-Year Plan period, my countrys public geographic information services will be continuously enriched, and the integration of the geographic information industry with new business models will deepen. The total output value of the geographic information industry is expected to exceed 900 billion yuan. During the 14th Five-Year Plan period, my country will continuously strengthen the supply of geographic information services. The National Geographic Information Resource Catalog Service System will release 8.09 million resource catalogs, and the total number of standard maps released nationwide will reach 13,000, forming a three-tiered service architecture at the national, provincial (autonomous region, municipality), and municipal levels. At the same time, the geographic information industry will flourish. A standard system for autonomous driving maps will be gradually established, and autonomous driving map products covering ordinary roads in major and medium-sized cities across the country (Level L3 and below) will be widely used. By the end of the 14th Five-Year Plan period, the total output value of my countrys geographic information industry is expected to exceed 900 billion yuan, an increase of over 30% compared to the 13th Five-Year Plan period, with more than 4 million employees.

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).