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September 6th - Japans opposition Democratic Party for the People held its leadership election on the 6th, with incumbent leader Yuichiro Tamaki defeating his rival, House of Representatives member Mikihiko Hashimoto, to be re-elected. His term will run until the end of September 2029. After his election, Tamaki stated that he will listen to opinions from all sides, strengthen ties between the party headquarters and local councilors and supporters, and begin preparations for the unified local elections next spring.On September 6, local time, the Israel Defense Forces (IDF) issued a statement saying that it had launched airstrikes on southern Lebanon that day. The IDF statement said the airstrikes were a response to Hezbollahs actions. Earlier that day, Hezbollah militants launched two drones at IDF soldiers operating in the southern Lebanon "safe zone." The IDF opened fire and shot down one of the drones; no IDF personnel were injured in the incident. According to the Lebanese Civil Defense, the attack has resulted in at least two deaths.According to Al Arabiya TV, the Israeli Defense Minister stated that Israel will not withdraw its troops from the safe zone in Lebanon until Hezbollah disarms.September 6th - To further enhance the informatization and intelligentization of efforts to prevent telecommunications and online fraud and help the public effectively identify and prevent fraud, the "National Anti-Fraud AI" APP, independently developed by the Shanghai Municipal Public Security Bureau under the guidance of the Criminal Investigation Bureau of the Ministry of Public Security, was officially launched recently. The "National Anti-Fraud AI" APP integrates big data, multimodal models, and intelligent agent technology. Users can input suspicious scenarios through their mobile phones, and the APP can complete risk assessment, identify fraudulent tactics, and push typical cases. It dissects fraud methods from multiple dimensions, including text, voice, and video, and provides identification and prevention strategies.On September 6, the Iranian Islamic Revolutionary Guard Corps (IRGC) issued a statement saying that its navy struck a U.S. unmanned surface vessel attempting to enter Irans "protected zone" in the Strait of Hormuz. This came hours after the U.S. and Iran exchanged military strikes. The IRGC had previously warned all vessels in the Persian Gulf and the Strait of Hormuz not to be deceived by the U.S. military and to avoid conducting any "suspicious activities" in unauthorized routes, or they would become targets. The IRGC has repeatedly emphasized that control and management of the Strait of Hormuz is "solely the responsibility of the IRGC Navy," and any disruption to order in the strait will be met with a firm response.

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).