Comex Gold Signal
INTERNATIONAL COMEX NEWS
- Demand for gold fell on Friday, amid a strengthening U.S. dollar. Comex gold futures for June delivery were down 0.08% to $1,288.40 a troy ounce as of 10:13 AM ET (14:13 GMT). The price of bouillon was driven lower by the rise in the greenback and increase in bond yields. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was at a five-month high of 93.69.
- WTI crude oil prices settled lower on Friday, but notched their third straight week of gains as falling production in Venezuela and pending U.S. sanctions on Iran helped offset signs of an expansion in U.S. output. On the New York Mercantile Exchange crude futures for June delivery fell 21 cents to settle at $71.28 a barrel, while on London’s Intercontinental Exchange, Brent fell 74 cents to trade at $78.56 a barrel.
- Natural gas markets rallied a bit during the day on Friday, reaching towards the $2.86 level before rolling over again. Natural gas markets continue to be very noisy, as we have a lot of questions out there as to whether the rally can continue due to the longer-term oversupply issues. The market continues to see this up-trending channel hold the markets intact, so it’s not a surprise it we can break out on a Friday.
- China’s economy will likely expand around 6.7 percent in the second quarter this year, the State Information Center (SIC) said in an article published in the state-owned China Securities Journal on Saturday. The forecast growth rate was slightly slower than an actual 6.8 percent expansion in the first quarter. The SIC is an official think tank affiliated with the National Development and Reform Commission, the country’s top economic planning agency.
- China’s push to open up its financial sector to foreign banks and financial institutions will be based on the principle of reciprocity and will not reward protectionism by other countries, an official said on Saturday. Chen Wenhui, the vicechairman of the China Banking and Insurance Regulatory Commission (CBIRC), told a forum that China aimed to accelerate the process of opening up, but countries afraid of exposing their own financial sectors to competition would not benefit.
- Australian Prime Minister Malcolm Turnbull will travel to China later this year to smooth over bumpy diplomatic ties that have now developed into trade problems for some of Australia’s biggest wine and beverage exporters, Fairfax Media reported. Relations between the two trade partners have cooled significantly in recent months, after Turnbull’s conservative coalition government proposed a bill to limit foreign influence in Australia, including political donations, but which Beijing has interpreted as “anti-China”.