Comex Gold Signal
INTERNATIONAL COMEX NEWS
- Gold prices inched higher on Tuesday as increased risk appetite limited gains in the precious metal, keeping it close to the low for the year hit a day earlier. At 10:17AM ET (14:17GMT), gold futures for June delivery on the Comex division of the New York Mercantile Exchange was up just $0.40, or around 0.03%, to $1,291.30 a troy ounce. In the previous session, it slid to as low as $1,281.20, its weakest level since December 27. News that China plans to slash auto import tariffs eased concerns over the possibility of a Sino-U.S. trade war.
- Brent oil prices were higher on Tuesday, as investors remained concerned about global supply and future output from Iran and Venezuela. Oil prices rose on Monday after Secretary of State Mike Pompeo said in an interview that the U.S. would demand major changes in Iran following America’s withdrawal from the nuclear deal, with the possibility of even tougher sanctions.
- A U.N. monitoring group wants to enlist the help of the world’s biggest oil trading companies to enforce sanctions that cap the amount of crude and related products North Korea can import, the coordinator said. The U.N. Security Council ramped up sanctions last year after North Korea said it had conducted missile tests that put the U.S. mainland in range of its nuclear weapons. Under the restrictions, Pyongyang is limited to importing 4 million barrels of crude and 500,000 barrels of products a year.
- German prosecutors said on Tuesday that they had charged the first suspects in a widespread and long-running financial market tax scam that has cost taxpayers billions of euros. The 948-page indictment filed in Wiesbaden named the 67-year-old German lawyer Hanno Berger as one of the six charged, the court confirmed separately.
- Prominent German economists opposed French President Emmanuel Macron’s euro zone reform proposals on Tuesday, dismissing them as risky and saying that the single currency bloc must not become a union in which liabilities were shared out. Macron wants to create a separate euro zone budget, appoint a finance minister and convert the bloc’s European Stability Mechanism emergency rescue fund into a European monetary fund.