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Hong Kong stocks saw the Hang Seng Index and Hang Seng Tech Index both fall by more than 1% before midday, with NetEase (09999.HK) and Trip.com (09961.HK) both falling by more than 3%.The main fuel oil futures contract fell by more than 2%, currently trading at 3,434 yuan/ton.On December 31st, the China Automobile Dealers Association issued a statement indicating that the 2026 car trade-in policy will strengthen overall coordination and ensure efficient and direct allocation of subsidies. This will allow limited funds to benefit more consumers, especially those with essential housing needs. The scope of beneficiaries is expected to expand further, with a clearer focus on encouraging the scrapping of older vehicles and the purchase of energy-efficient and new energy vehicles. The policy will emphasize the role of market mechanisms in its implementation, making subsidies more closely aligned with actual needs. The application process will be clear and convenient, and the supervision and management mechanisms will be more comprehensive. Overall, this policy is expected to continue to stimulate consumption and add new impetus to the transformation, upgrading, and high-quality development of the automotive industry.December 31 - It was learned from China State Railway Group Co., Ltd. on December 31 that the railway New Years Day holiday transportation will start on December 31, 2025 and end on January 4, 2026, lasting for 5 days. The national railway is expected to transport 77.8 million passengers, with January 1 being the peak day for passenger flow.The main Shanghai silver futures contract fell by more than 2.00% during the day, currently trading at 17,475.00 yuan/kg.

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).

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