Daily Archives: February 23, 2018

23Feb

TODAY’S COMEX GOLD SIGNAL AND DAILY REPORT

23feb

                                                                        Comex  Gold  Signal

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INTERNATIONAL COMEX NEWS

  • Gold prices remained at one-and-a-half week lows on Thursday, as the release of upbeat U.S. jobless claims data was expected to add further strength to the dollar after the minutes of the Federal Reserve’s latest policy minutes pointed to the need for further interest rate hikes. Comex gold futures were down 0.47% at $1,325.8 a troy ounce by 08:35 a.m. ET (12:35 GMT), the lowest since February 14.
  • Natural gas futures were lower on Thursday, maintaining losses despite data showing that domestic supplies in storage fell more than forecast last week. Front-month U.S. natural gas futures shed 2.1 cents, or around 0.8%, to $2.638 per million British thermal units (btu) by 10:45AM ET (1545GMT). Futures were at $2.649 prior to the release of the supply data.
  • Record high stocks of copper in land-locked Arizona and Utah are a reflection of soaring transport costs in the United States and weak demand for the industrial metal produced in the Americas, copper industry sources say. Trading sources added that stocks in these two locations are likely to keep rising until prices are high enough to offset costs of transporting the copper. Copper stocks held in warehouses registered with COMEX (O:CME) in the United States stand at 228,428 tonnes, up from below 90,000 tonnes at the start of 2017.

ECONOMY NEWS

  • Russian opposition leader Alexei Navalny was briefly detained by police on Thursday and accused of organizing illegal protests, weeks ahead of a presidential election in which he has been barred from running. A 41-year-old anticorruption campaigner, Navalny was repeatedly jailed last year for organizing some of Russia’s biggest protests, targeting what he says are the luxury lifestyles of President Vladimir Putin and his inner circle.
  • South African bonds stayed in demand on Thursday as markets priced in expectations that government efforts to reduce the country’s large debt pile will enable it hang on to its last investment grade rating in a Moody’s review due soon. In a budget announced on Wednesday, Africa’s most industrialized economy took the politically risky step of raising value added tax, a move likely to prove less popular with voters than with foreign investors.
  • A proposal by a center-right coalition, leading polls ahead of a March 4 election, to issue small-denomination sovereign bonds would damage public accounts and curb economic growth, Economy Minister Pier Carlo Padoan said on Thursday. The center-right alliance dominated by former prime minister Silvio Berlusconi’s Forza Italia and the eurosceptic League is proposing the bonds as a way to pay people and firms owed money by the state.
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