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On September 17th, ING stated that as India moves up the value chain into service sectors that are harder to automate, there are few signs that its outsourcing industry is being replaced by artificial intelligence. Economist Deepali Bhargava wrote that software services exports as a percentage of GDP have risen from 3.3% before the pandemic to approximately 5.2%. During the same period, business services, including finance, accounting, engineering, research, and analytics, more than doubled their share of GDP to 3.3%. This performance challenges concerns that generative AI could weaken one of Indias most important industries by automating traditional outsourcing work. According to ING data, India accounts for more than half of the global outsourcing industry, earning approximately $205 billion annually from software services exports and supporting about 5.8 million workers. Software and business services exports combined account for about 8.5% of GDP and are a significant source of foreign exchange.Nokia: Expanding its partnership with Microsoft to accelerate network automation and build a unified data foundation.On September 17, the Shanghai Stock Exchanges bond project information platform showed that Chongqing Longfor Enterprise Development Co., Ltd. plans to publicly issue corporate bonds to professional investors, with a proposed issuance amount of 2.73 billion yuan. The project has been accepted.Volvo Cars shares rose 3.3% on plans to launch new models and new financial targets.ING: As artificial intelligence reshapes the job market, Indias outsourcing business is shifting towards high-end markets.

Gold Price Prediction: XAU/USD maintains rises near $1,650 in advance of a crucial Fed decision

Alina Haynes

Nov 02, 2022 17:50

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Gold pricing is benefiting from the US dollar's continuing weakening, as Treasury yields feel the heat of normal market concern preceding a US Federal Reserve (Fed) event.

 

Asian markets were a mixed bag, as the Chinese tech stocks-led surge sputtered and growth fears reemerged in the wake of the extension of covid lockdowns in numerous cities. In the meantime, benchmark US 10-year interest rates are returning to the 4% critical level, allowing gold prices to remain buoyant.

 

Investors eagerly await any hints of a lesser rate increase in December as all eyes remain on the anticipated 75 bps Fed rate hike decision, with Chairman Jerome Powell's press conference grabbing the spotlight. The US ADP Employment Change data will also be monitored prior to the Fed event, as it may present transitory trade opportunities. Until Friday's release of Nonfarm Payrolls, traders may take signals from ADP jobs while awaiting the Nonfarm Payrolls report.

 

Even though the 14-day Relative Strength Index (RSI) is below the 50 level, a dovish Fed rate hike might turn the tables on bears, allowing XAU/USD bulls to retake the bearish 21-Daily Moving Average (DMA) around $1,660 with conviction. Gold bulls could stretch their muscles in the direction of the high at the end of October of $1,675 while gaining vigor to target the $1,700 level.

 

On the other hand, a hawkish surprise might cause the gold market to resume its broader downward trend, with initial support likely at the current range lows near $1,680. The $1,620 round number represents the next downside limit, below which the $1,617 October low could be endangered.


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