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August 30th - A press conference on the "8.26" mudslide disaster in Gyirong, Tibet, was held today (August 30th) in Gyirong Town. On the morning of August 26th, a mudslide on the Nepalese side caused significant casualties and missing persons at the Gyirong Port in Gyirong County, Shigatse City, Tibet. Analysis indicates that the most prominent risk hindering the disaster response was the landslide dam located above the core area of the border crossing. The dam has already overflowed and is currently in stable condition, with a low probability of a complete collapse.On August 30th, a press conference was held in Gyirong Town, Tibet, regarding the "8.26" mudslide disaster. On the morning of August 26th, a mudslide occurred on the Nepalese side, causing significant casualties and missing persons at the Gyirong Port in Gyirong County, Shigatse City, Tibet. The conference explained that this disaster was caused by glacial instability due to long-term climate warming. The disaster was sudden, with a large peak flow, rapid movement, strong destructive power, and a wide impact area, representing a new and significant characteristic of cryosphere disasters in the Qinghai-Tibet Plateau and surrounding areas. Monitoring revealed that the ice avalanche took only about 6 to 7 minutes from its occurrence to its impact on the Gyirong Port in my country.On August 30, it was learned from a press conference held by the Information Office of the Peoples Government of Tibet Autonomous Region that, through a joint comprehensive search and comparison of clues conducted by multiple departments including foreign affairs, public security, culture and tourism, and emergency response, 261 missing foreign nationals have been identified in the investigation of the Gyirong landslide disaster in Tibet. These individuals come from 23 countries: Kazakhstan (1), Malaysia (3), Nepal (104), India (49), South Africa (4), Ireland (2), Estonia (2), Germany (3), Russia (3), France (2), Finland (1), Netherlands (2), Latvia (33), Lithuania (1), Portugal (1), Ukraine (1), Spain (1), Hungary (1), United Kingdom (15), Canada (6), United States (18), Australia (6), and New Zealand (2). The Chinese side has notified the relevant embassies and consulates in China.According to Icelandic Broadcasting Corporation: Partial results of Icelands referendum on restarting EU accession negotiations show that the "yes" vote is leading by a narrow margin.On August 30th, it was learned from a press conference held by the Information Office of the Peoples Government of Tibet Autonomous Region that the cause of the mudslide disaster in Tibet has been determined. The Cryosphere Emergency Disaster Reduction Team of the Chengdu Institute of Mountain Hazards and Environment, Chinese Academy of Sciences, through analysis of remote sensing monitoring data and on-site feedback data, combined with field surveys and visits, concluded that: at approximately 10:52 AM Beijing time on August 26th, a glacier on the southern slope of Mount Lamtang in Nepal broke off at an altitude of approximately 5200 meters, causing an ice-rock collapse. The debris flow rapidly fell from a high altitude to approximately 4000 meters, eroding the mountain and forming a giant mudslide. After traveling at high speed for approximately 22 kilometers, it reached the Gyirong Port in China at an altitude of approximately 1800 meters, resulting in the razing of approximately 0.7 square kilometers and 27 buildings and related facilities in the area.

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).