Comex Gold Signal
INTERNATIONAL COMEX NEWS
- Gold prices were modestly higher on Wednesday, as the U.S. dollar fell as trade war concerns remained in focus. Comex gold futures for August delivery were up 0.15% to $1,304.20 a troy ounce as of 10:50 AM ET (14:50 GMT). The U.S. trade deficit fell to a seven-month low in April as exports rose to a record high,showing recent trade disputes between the U.S. and China have had little impact on trade.
- Oil prices fell on Wednesday on signs Saudi Arabia and other big producers may increase production, and U.S. crude slid more than 1 percent on a surprise build in domestic crude stockpiles. U.S. crude inventories rose 2.1 million barrels in the week to June 1, the Energy Information Administration said, a surprise after analysts had forecast a decrease of 1.8 million barrels.
- European refiners are winding down oil purchases from Iran, closing the door on a fifth of the OPEC member’s crude exports after the United States imposed sanctions on Tehran, company and trading sources said. Although European governments have not followed Washington by creating new sanctions, banks, insurers and shippers are gradually severing ties with Iran under pressure from the U.S. restrictions, making trade with Tehran complicated and risky.
- The U.S. economy is expanding at a 4.5 percent annualized rate in the second quarter following data released this week on factory orders, vehicle sales and trade balance, the Atlanta Federal Reserve’s GDPNow forecast model showed on Wednesday. The latest estimate on gross domestic product growth was weaker than the 4.8 percent pace estimated on June 1, the Atlanta Fed said.
- U.S. House of Representatives Speaker Paul Ryan, asked on Wednesday about the prospects for House passage of legislation to enable a renegotiated NAFTA trade deal, indicated there was not much time left for the current Congress to do so. He told reporters it was “pretty far into the deadline” for Congress to consider a new North American Free Trade Agreement. Negotiations on the accord have stalled among the United States, Canada and Mexico.
- Italy’s new government will review the previous administration’s shake up of mutual and co-operative banks, Prime Minister Giuseppe Conte told parliament on Wednesday, without giving any details. Conte, who heads a coalition that unites the far-right League and anti-establishment 5-Star Movement, also confirmed that his government would look into separating investment banking from retail banking.