INTERNATIONAL COMMODITY NEWS
- Oil fell towards $49 a barrel on Monday, pressured by high output from Middle East OPEC members and as a stronger
U.S. dollar weighed on commodities.Iraq, which has exported more crude from its southern ports in August, will continue ramping up output, its oil minister said on Saturday. Top exporter Saudi Arabia has kept output at around record levels this month.
- Gold prices were under pressure during European hours on Monday, slumping to a five-week low amid indications the Federal Reserve is gearing up to hike interest rates as early as next month.Gold for December delivery on the Come division of the New York Mercantile Exchange touched an intraday low of $1,317.20 a troy ounce, a level not seen since July 26. It was last at $1,320.95 by 3:02AM ET (07:02GMT), down $4.95, or 0.37%
- Silver futures fell during evening trade in the domestic market on Monday as investors and speculators exit positions in the precious metal tracking weakness overseas as a stronger dollar curbed the lure for the bullion as an alternative asset.Stronger greenback makes gold more expensive for those holding other currencies thus dimming demand.
- South Korea’s extra budget may not be passed by parliament on Tuesday as ruling and opposition lawmakers are at odds over spending details, a senior finance ministry official told Reuters.Ruling and opposition lawmakers had agreed last week to pass the supplementary budget on Aug. 30, but the main opposition Minjoo Party has been arguing for more spending for young children’s education in the plan, which the ruling party is against.
- In the last financial year before Britain voted to leave the European Union, the country gained more foreign investment projects than ever before, the government said on Tuesday.Some 2,213 investments were made in the year ending in March, up 11 percent from the previous year, the government said. That resulted in the creation or “safeguarding” of 116,000 jobs, it said.
- The European Union’s executive said on Monday it had a unanimous mandate from the bloc’s 28 members to finalize negotiations on a free trade deal with the United States, a day after Germany’s economy minister said the talks had “defacto failed”.Sigmar Gabriel of Germany, the EU’s biggest economy, said on Sunday that negotiations over the Transatlantic Trade and Investment Partnership (TTIP) had failed because Europe rejected some U.S. demands.
TRADING STRATEGY :
- BUY GOLD ABOVE 1321 TARGET 1326 1332 SL BELOW 1316.
- SELL GOLD BELOW 1316.2 TARGET 1311.2 1305.2 SL ABOVE 1321.2.
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