Comex Gold Signal
INTERNATIONAL COMEX NEWS
- Gold prices traded slightly lower in mid-morning trade on Tuesday as positive economic data sent the dollar to its best level of the day against major rivals. At 10:30AM ET (14:30GMT), gold futures for August delivery on the Comex division of the New York Mercantile Exchange slipped 70 cents, or 0.05%, to $1,296.60 a troy ounce. Meanwhile, the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, gained 0.26% to 94.26, just off its intraday high of 94.29.
- Oil prices were lower on Tuesday, amid news that the U.S. had asked OPEC to increase its supply output. Crude oil futures decreased 0.25% to $64.59 a barrel as of 10:50 AM ET (14:50 GMT). Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., slumped 159% to $74.09. The price of oil was held back after reports that the U.S. had unofficially asked the Organization of the Petroleum Exporting Countrie and Russia to raise its oil output, with no specific figure cited.
- The United States government has unofficially asked Saudi Arabia and some other OPEC producers to raise oil output, three OPEC and industry sources said on Tuesday, although it has not requested a specific figure. Earlier on Tuesday, Bloomberg reported that the U.S. government had asked them to increase oil production by about 1 million barrels per day (bpd).
- Conservative billionaire industrialist David Koch is retiring from his roles at Koch Industries and associated companies due to poor health, according to an internal memo seen by Reuters. David Koch, 78, along with his elder brother Charles, owns the second largest private U.S. company, whose operations range from refining and chemicals to ranching and forest products.
- President Donald Trump “generally tweets positive things about the economy (and negative things about regulations), so the market is left determining degrees of positivity,” says Evan Schnidman, an expert in sentiment analysis and decoding the language of Federal Reserve statements who’s taught at Harvard and Brown.
- Britain has officially applied to join the World Trade Organization’s government procurement agreement, a legal step it needs to take to maintain trading relationships after it leaves the European Union on March 29, 2019. Staying in the WTO is potentially important so that British companies can still bid for government work in the United States, European Union and Japan. Britain is a member of the agreement now only by virtue of its EU membership.