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On August 8, a source in the Indian oil industry said that Indian companies continue to import Russian oil and transactions with Russia have not stopped, but the volume may have decreased. The source pointed out: "All companies support commercially beneficial transactions. We will continue to buy Russian oil or any other cheaper oil."The Hang Seng Index in Hong Kong closed at 24,858.82 points, down 222.81 points, or 0.89%, on Friday, August 8. The Hang Seng Tech Index in Hong Kong closed at 5,460.3 points, down 86.43 points, or 1.56%, on Friday, August 8. The CSI 300 Index closed at 8,895.28 points, down 86.45 points, or 0.96%, on Friday, August 8. The H-share Index closed at 4,278.51 points, up 13.54 points, or 0.32%, on Friday, August 8.Microchip Technology (MCHP.O) shares fell 6.5% in pre-market trading after the company released its first-quarter earnings report and outlook.According to the China Passenger Car Association (CPCA) on August 8, 17 models saw price reductions in July this year, compared to 23 models in the same period last year and 17 models in the same period of 2023, indicating that the current market remains relatively stable. In July 2025, promotional efforts for new energy vehicles remained at a mid-to-high 10.2%, an increase of 2.1 percentage points year-on-year and essentially unchanged from the previous month. Promotional efforts for traditional fuel vehicles remained stable at 23.4% in July 2025, up 0.1 percentage points from the previous month and 1.5 percentage points year-on-year.According to Interfax: Russia is increasing oil processing and fuel production to meet demand.

Gold Price Prediction: The XAU/USD pair seeks to maintain above $1,980, while investors observe the Fed's preferred inflation tool

Daniel Rogers

Mar 31, 2023 11:40

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During the Asian session, the gold price (XAU / USD) aims to maintain its auction above the critical resistance of $1,980.00. Even though the US Dollar Index (DXY) has shown signs of recovery from 102.00, the precious metal is aiming to surpass Thursday's high of $1,984.65.

 

In the Asian session, S&P500 futures have generated significant gains. US equities have sustained the purchasing frenzy, indicating a buoyant market sentiment. In the meantime, the demand for US government bonds has decreased further in the expectation that the US financial sector will not suffer further losses.

 

Investors are anticipating that the Federal Reserve will maintain its monetary policy posture in May, so the USD Index's recovery must pass through a number of filters. (Fed). Jerome Powell, chairman of the Federal Reserve, stated in a private meeting with US lawmakers that he anticipates one more rate hike in 2023. The Fed Chairman Powell's statement is not limited to the May policy. Therefore, the likelihood of a stable monetary policy in May is very high.

 

The USD Index will remain active on Friday prior to the release of the Personal Consumption Expenditures (PCE) Price Index data. Wells Fargo analysts anticipate that the PCE deflator will outpace nominal spending (+0.3%).


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