INTERNATIONAL COMMODITY NEWS
- Oil prices rose on Friday following reports that missiles from Yemen had struck oil facilities in Saudi Arabia and as the dollar weakened following remarks by Federal Reserve Chair Janet Yellen.Crude oil for October delivery on the New York Mercantile Exchange rose 50 cents, or 1.06%, to trade at $47.83 a barrel by 1113 ET.
- Gold prices ticked higher on Friday as the dollar dipped following a slight downward revision to U.S. second quarter economic growth, but investors remained wary ahead of a key speech by Federal Reserve Chair Janet Yellen later in the day.U.S. gold futures for December delivery were up 0.79% at $1,335.3 an ounce by 0858 ET from around $1,331.45 earlier.
- Copper futures were trading higher during the evening trade in the domestic market on Friday as participants widened their bets in the industrial metal amid a pickup in physical demand for copper from the domestic spot market.Further upbeat US economic data bolstered the demand outlook for the metal as jobless claims fell to a five-week low down by 1000 to 261000 last week and orders for business equipment in July climbed the most since January up 1.6 per cent from June.
- German Economy Minister Sigmar Gabriel said on Sunday that if Britain’s exit from the European Union was badly handled and other member countries followed its lead, Europe would go “down the drain”.”Brexit is bad but it won’t hurt us as much economically as some fear – it’s more of a psychological problem and it’s a huge problem politically,”Gabriel, the deputy to Chancellor Angela Merkel in Germany’s governing coalition, told a news conference.
- Central bankers in charge of the vast bulk of the world’s economy delved deep into the weeds of money markets and interest rates over a three-day conference here, and emerged with a common plea to their colleagues in the rest of government: please help.Mired in a world of low growth, low inflation and low interest rates, officials from the Federal Reserve, Bank of Japan and the European Central Bank said their efforts to bolster the economy through monetary policy may falter unless elected leaders stepped forward with bold measures. These would range from immigration reform in Japan to structural changes to boost productivity and growth in the U.S. and Europe.
- The Obama administration on Thursday issued rules aimed at helping states that set up retirement savings programs for workers by clarifying that the plans are not preempted by federal law.Under the new rules finalized by the Labor Department, state retirement programs are not preempted by the Employee Retirement Income Security Act (ERISA) as long as they meet certain criteria, the White House said in a statement.
TRADING STRATEGY :
- BUY GOLD ABOVE 1321 TARGET 1326 1332 SL BELOW 1316
- SELL GOLD BELOW 1317 TARGET 1312 1306 SL ABOVE 1322
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