Comex Gold Signal
INTERNATIONAL COMEX NEWS
- Gold prices continued to languish at year-to-date lows despite the dollar turning negative and rising geopolitical tensions amid growing fears of a U.S.-China trade war. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange fell by $27.60 or 2.11%, to $1,280.70 a troy ounce. Gold fell as the dollar posted a fresh 2018 high before profit taking sparked a reversal pressuring the greenback lower.
- WTI crude oil prices settled lower as data pointing to an ongoing expansion in U.S. output and fears that Saudi Arabia and Russia were set to hike production weighed on sentiment. On the New York Mercantile Exchange crude futures for July delivery fell 2.74% to settle at $65.06 a barrel, while on London’s Intercontinental Exchange, Brent fell 3.41% to trade at $73.35 a barrel.
- A plan requested by U.S. President Donald Trump to prevent struggling nuclear and coal power plants from shutting is still being “fleshed out” by the U.S. Department of Energy (DOE) and the White House, Energy Secretary Rick Perry said on Friday. Trump on June 1 directed Perry to take emergency steps to keep nuclear and coal plants running, in what would amount to an unprecedented intervention in U.S. power markets that has drawn backlash from environmentalists as well as oil, gas and renewable energy companies.
- Seventy percent of Canadians say they will start looking for ways to avoid buying U.S.-made goods in a threat to ratchet up a trade dispute between Prime Minister Justin Trudeau and U.S. President Donald Trump, an Ipsos Poll showed on Friday. The poll also found a majority of Americans and Canadians are united in support of Trudeau and opposition to Trump in their countries’ stand-off over the renegotiation of the 1994 North American Free Trade Agreement (NAFTA).
- U.S. President Donald Trump said he was pushing ahead with hefty tariffs on $50 billion of Chinese imports on Friday, and the smoldering trade war between the world’s two largest economies showed signs of igniting as Beijing immediately vowed to respond in kind. Trump laid out a list of more than 800 strategically important imports from China that would be subject to a 25 percent tariff starting on July 6, including cars, the latest hardline stance on trade by a U.S. president who has already been wrangling with allies.
- Colombia has formally requested permission to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Mexico’s Economy Minister Ildefonso Guajardo said on Friday. Guajardo was speaking at a news conference alongside Colombia’s Foreign Minister Maria Angela Holguin and Mexican Foreign Minister Luis Videgaray in Mexico City.