Gold Trading Forecast Today
INTERNATIONAL COMEX NEWS
- Gold prices were modestly lower on Tuesday, pressured lower by a rising U.S. dollar while trade tensions lingered. Comex gold futures for August delivery were down 0.23% to $1,277.20 a troy ounce as of 10:08 AM ET (14:08 GMT). Trade tensions between China and the U.S. continued, as the two largest economies in the world faced a tit-for-tat over global trade tariffs.
- Global oil prices look poised to rise in the medium term, but since the United States produces more oil than it once did and businesses are more judicious in their fuel use, a jump in oil prices would not hurt the country’s economic growth much, a U.S. central banker predicted on Tuesday. It is the view of Dallas Fed economists that the negative impact of higher oil prices on GDP growth is likely to be more muted than in the past,” Dallas Federal Reserve Bank President Robert Kaplan said in an essay on the economic impact of energy markets.
- Oil prices saw mixed signs in midmorning trade on Tuesday as disagreements among major producers over output curbs continued ahead of a key meeting in Vienna on Thursday and Friday. New York-traded West Texas Intermediate crude futures fell 72 cents, or about 1.1%, to $64.97 a barrel by 10:22AM ET (14:22GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., traded down 15 cents, or 0.2%, to $75.19.
- China should cut banks’ reserve requirement ratios (RRR) to help ease their burdens, the central bank said in a working paper on Tuesday, fanning expectations of an imminent policy move as its governor urged investors to remain calm. Fears of a full-blown trade war with Washington have magnified concerns about the outlook for the world’s secondlargest economy, following weaker-than-expected growth data for May and as a regulatory crackdown in its third year starts to weigh on business activity.
- The European Central Bank could ditch a plan to impose new rules on all euro zone banks under its watch to reduce their bad loans, and could instead move toward a “case-by-case approach”, the head of its supervisory body said on Tuesday. Plans by the ECB’s Single Supervisory Mechanism (SSM) to force banks to set aside cash within a given timeframe against the large pile of soured credit they hold has met resistance from bankers, lawmakers and even within the central bank.
- Russia will impose import tariffs on certain goods from the United States in response to duties imposed by Washington on steel and aluminum imports, Economy Minister Maxim Oreshkin said on Tuesday. The tariffs will target goods that have domestic equivalents in Russia, and the move will not affect Russian macroeconomic performance, Oreshkin said.