Comex Gold Signal
INTERNATIONAL COMEX NEWS
- Gold prices held steady near recent highs on Monday, as fears of a potential trade war and political uncertainty in Europe continued to support demand for safe-haven assets. Comex gold futures were little changed at $1,324.1 a troy ounce by 08:25 a.m. ET (12:25 GMT), the highest since February 27.
- U.S. shale oil output is set to surge over the next five years stealing market share from OPEC producers and moving the country, once the world’s top oil importer, closer to self sufficiency, the International Energy Agency said on Monday. A landmark deal in 2017 between OPEC and other oil producers including Russia to curb output to reduce global oversupply materially improved the outlook for other producers as oil prices rose sharply throughout the year, the IEA said.
- Japan’s aluminum industry wants the United States to scrap plans to impose tariffs on the metal since it would hurt business and raise volatility in the metal markets, causing increased uncertainty for future trade. U.S. President Donald Trump said last week that he would impose a 25 percent tariff on imported steel and a 10 percent levy on imported aluminum to protect U.S. producers, risking retaliation from major trade partners like China, Europe and neighboring Canada.
- The Swiss government has amended its mandate for negotiating a new treaty with European Union authorities to explore having an arbitration panel settle some disputes over single market rules, it said on Monday. Brussels has put pressure on non-EU member Switzerland to sign a treaty that would see it adopt EU laws governing the single market as the price of enhanced access. At present a network of 120 bilateral accords governs economic ties.
- U.S. President Donald Trump on Monday appeared to suggest that Canada and Mexico could win exemptions to his planned sweeping tariffs on steel and aluminum if the two countries sign a new NAFTA trade deal and take other steps. He made the comments as the United States, Canada and Mexico were wrapping up their latest round of talks on revamping the 1994 NAFTA deal, and as world shares dipped again, partly on concerns that Trump’s tariff plan could spark a global trade war.
- Ministers from the United States, Canada and Mexico meet on Monday to wrap up the latest round of NAFTA talks under the shadow of U.S. President Donald Trump’s proposed steep tariffs on steel and aluminum imports. Trump is expected to finalize the tariffs – 25 percent on steel and 10 percent on aluminum – later in the week, posing a tough challenge for U.S. Trade Representative Robert Lighthizer, Canada’s Foreign Minister Chrystia Freeland and Mexican Economy Minister Ildefonso Guajardo.