GOLD TRADING FORECAST TODAY
GOLD TRADING FORECAST TODAY
INTERNATIONAL COMEX NEWS
- Gold prices were at a one-week high on Wednesday as the U.S. dollar weakened. Comex gold futures for August delivery increased 0.36% to $1,258.00 a troy ounce as of 9:55 AM ET (13:55 GMT). Trading volumes are expected to remain thin throughout the day, as U.S. investors celebrate Independence Day. Gold was bolstered by a weaker U.S. dollar. Gold normally rises as the dollar falls, as the precious metal is denominated in the U.S. currency and is sensitive to moves in the dollar.
- Oil prices registered mixed signs in holiday-thinned trading on Wednesday as market participants kept an on eye on U.S. crude stockpiles. New York-traded West Texas Intermediate crude futures lost 12 cents, or about 0.2%, to $74.02 a barrel by 10:27AM ET (14:27GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., traded up 5 cents or 0.1%, to $77.82. The decline in oil prices occurred despite data released late Tuesday that showed a decline in U.S. oil inventories.
- A senior Iranian Revolutionary Guards commander said on Wednesday that the Guards were ready to implement a policy preventing regional oil exports if Iranian oil sales were banned by the United States. President Hassan Rouhani appeared on Tuesday to threaten to disrupt oil shipments from neighboring countries if Washington presses ahead with its goal of forcing all countries to stop buying Iranian oil.
- China will “absolutely not” fire the first shot in a trade war with the United States and will not be the first to levy tariffs, its finance ministry said on Wednesday. A person with knowledge of the plan earlier told Reuters China’s threatened tariffs on $34 billion of U.S. goods would take effect from the beginning of the day on Friday. Given the 12-hour time difference, that would have put its implementation ahead of Washington’s.
- Fast-growing “superstar” tech firms are taking a growing share of national income in many countries, leaving workers’ overall wage growth subdued, the Organization for Economic Cooperation and Development said on Wednesday. Though unemployment in most OECD countries has returned to pre-crisis levels, wage growth has not, even though many labor markets have become the tightest they have ever been, the Paris-based policy forum said in its annual Employment Outlook.
- China is comfortable with a weakening yuan, intervening only to prevent any rapid and destabilizing declines or to restore market confidence, as the economy loses momentum and faces further risks from a heated trade dispute with the United States, policy insiders said. On Tuesday, as stocks sank and the yuan fell through a key psychological level of 6.7 on the dollar, traders said state-owned banks, which sometimes act on behalf of the central bank, made efforts to prop up the currency.
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