Comex Gold Signal
INTERNATIONAL COMEX NEWS
- Gold prices inched down on Friday, as the U.S. dollar strengthened ahead of the monthly nonfarm payrolls data and trade worries lingered. Comex gold futures for June delivery were down 0.08% to $1,299.10 a troy ounce as of 4:38 AM ET (8:38 GMT). The nonfarm payrolls data, often seen as an indicator of the health of the U.S. economy, is expected at 8:30 AM ET (12:30 GMT).
- Oil prices were slightly higher in early morning European trade on Friday as investors continued to weigh record levels of production from the U.S. New York-traded West Texas Intermediate crude futures gained 18 cents, or about 0.3%, to $67.22 a barrel by 4:09AM ET (8:09GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., was last up 22 cents, or 0.3%, to $77.88. U.S. crude sank around 1.7% a day earlier, although Brent managed to eke out limited gains of 0.2% after the Energy Information Administration (EIA) said that U.S. crude production jumped 215,000 barrels per day (bpd) to 10.47 million bpd in March, a new monthly record.
- After all the condemnation of U.S. tariffs on EU metal exports and calls for unity, the European Union still has two decisions to make – how hard to hit back at the United States and whether to engage in trade talks with Washington. Neither is a given. The EU can act only by consensus, and its 28 members have different interests. Germany, by far the largest European exporter to the United States, is the most fearful of a trade war.
- The Trump administration is examining ways American industries could hire more immigrant workers on a temporary basis, White House economic adviser Larry Kudlow told CNBC in an interview on Friday. “We are looking at ways to bring temporary immigrants with temporary visas legally into the United States in a number of industries,” Kudlow said, adding that he did not want to say more that would “get ahead of the curve.”
- U.S. construction spending rebounded more than expected in April as investment in private construction projects notched its biggest gain since 2012, offsetting a drop in public outlays. The Commerce Department said on Friday construction spending surged 1.8 percent, the largest increase since January 2016, after an unrevised 1.7 percent decline in March.
- A solid May employment report released on Friday kept a rate hike in June on the table and ticked up bets for a third in September and a fourth at the end of the year. Nonfarm payrolls (NFP) rose by 223,000 in May, beating forecasts for the creation of 183,000 jobs, while the unemployment rate surprised with a drop to a fresh 17-year low of 3.8%. Market reaction got the jump on the release thanks to a tweet from U.S. President Donald Trump about an hour ahead of publication. “Looking forward to seeing the employment numbers at 8:30 this morning,” the President said.