Comex Gold Signal
INTERNATIONAL COMEX NEWS
- Gold prices were roughly unchanged Friday despite escalating tensions between the United States and its allies as the G7 meeting kicked off. Gold futures for June delivery on the Comex division of the New York Mercantile Exchange fell by $0.20 or 0.02%, to $1,302.80 a troy ounce. Tensions grew between the United States and its allies as U.S. President Donald Trump went into the G7 meeting expecting a frosty reception after lashing out at Canada and the European Union.
- OPEC is likely to reject a request by Iran to discuss U.S. sanctions against Tehran at this month’s meeting of the oil producer group, a source familiar with the matter told Reuters. Iran’s OPEC governor Hossein Kazempour Ardebili asked the chairman of the OPEC board to include a sanctions debate in the agenda for the June 22 talks, according to a copy of Kazempour’s letter dated June 2 and seen by Reuters.
- U.S. oil producer Chevron Corp (N:CVX) has permanently assigned its Brazil country chief to run its Venezuelan operations after the months-long detention of two executives escalated tensions between the OPEC-member nation and foreign oil firms. Javier La Rosa, who had been president of Chevron Brazil since 2016, this month was named president of Chevron Venezuela, the company confirmed on Friday.
- Germany has suggested the creation of a Europe-wide unemployment insurance system to make the euro zone more resilient to future economic shocks, Finance Minister Olaf Scholz said in an interview published on Saturday. The proposal, outlined in an interview with Der Spiegel magazine, is part of Germany’s efforts to seal a reform package together with France ahead of a summit of European Union leaders later this month.
- The Chinese region of Tibet is planning to build three new airports to promote tourism and economic growth, bringing the total of civil airports in the far west region to eight, the official Xinhua news agency said on Saturday. Construction of the three new airports, all above the altitude of 3,900 meters, will begin in 2019, according to Xinhua.
- Malaysian Prime Minister Mahathir Mohamad called for a review of the Trans-Pacific Partnership trade agreement, saying smaller economies like Malaysia were at a disadvantage under the current terms. In an interview with Japan’s Nikkei published on Saturday, Mahathir said the trade pact – which includes Japan and Canada – should take into consideration the level of development of various countries. “Small, weaker economies must be given a chance to protect their products,” Mahathir told the Japanese financial daily. “We have to review” the TPP.