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On August 24th, it was learned from the Guangdong Branch of the General Administration of Customs that in the first seven months of this year, Customs Advanced Certified Enterprises (AEOs), accounting for only 1.11% of foreign trade enterprises, contributed 48.73% of the total foreign trade volume, with imports and exports increasing by 25.7%, making outstanding contributions to Guangdongs foreign trade. Customs promoted "credit empowerment and policy synergy," focusing on precise credit cultivation, providing effective enterprise coordinator services, and deepening cross-departmental joint incentives, helping to cultivate 2,035 Customs Advanced Certified Enterprises, ranking first in the country. This year, 111 new AEO enterprises were certified, significantly expanding the scope of AEO enterprises. Guided by the cultivation and strengthening of "chain leader" enterprises in 15 industrial chains, continuous efforts were made to promote innovative cultivation measures for upstream and downstream enterprises and enterprises within groups, cultivating 14 "chain leader" enterprises in Jiangmen City. This effectively supported the orderly undertaking of industrial transfer from the Pearl River Delta, empowered technological innovation for traditional pillar enterprises such as home appliances, textiles, and metal products, and helped key private enterprises improve their internal management and enhance their international competitiveness by aligning with international trade standards.On August 24, Foreign Ministry Spokesperson Lin Jian held a regular press conference. According to media reports, regarding the meeting between Chinese Vice Foreign Minister Miao Deyu and Iranian Deputy Foreign Minister Gharibabadi in Beijing, could the Foreign Ministry provide details? Considering the economic ties between China and Iran, what is Chinas view on the US plan to isolate Iran? Lin Jian stated that China provided details of the meeting in its press release, which you can refer to; I have nothing further to add. China closely monitors the situation in the Middle East Gulf, actively promotes peace talks, and is willing to uphold the spirit of President Xi Jinpings four-point proposal on maintaining and promoting peace and stability in the Middle East, continuing its efforts to restore peace and tranquility to the region as soon as possible. "Regarding your second question, we have previously addressed this," Lin Jian said.Russian authorities say a Ukrainian drone strike in Russia’s Belgorod region has killed two people and injured two others.On August 24, Foreign Ministry Spokesperson Lin Jian held a regular press conference. US Treasury Secretary Bessenter threatened to impose secondary sanctions on countries trading with Iran. China is a major buyer of Iranian oil. If the US implements secondary sanctions, what will Chinas response be? Lin Jian stated that sanctions and pressure will not help resolve the issue; they will only exacerbate tensions and escalate the situation, which is not in the interest of any party. Lin Jian said that China calls on all parties to exercise rationality and restraint, avoid taking measures that could further intensify conflicts and impact global economic development and financial stability, and return to the correct track of dialogue, negotiation, and political settlement as soon as possible. China will closely monitor relevant developments and take necessary measures to safeguard its legitimate rights and interests.Iranian Foreign Ministry spokesman: Ghalibafs trip to Iraq is very important.

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).