GOLD TRADING FORECAST TODAY | COMMODITY MARKET IN SINGAPORE
GOLD TRADING FORECAST TODAY
INTERNATIONAL COMEX NEWS
- Gold prices held steady on Thursday as traders awaited minutes from the U.S. Federal Reserve’s June policy meeting later in the day. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange gained 0.14% to $1,255.30 a troy ounce by 1:30AM ET (05:30 GMT). “There’s not much incentive to move the market, it is very quiet this morning after the July 4 holiday. I don’t expect too much movement until the Fed minutes,” said Yuichi Ikemizu, Tokyo branch manager at ICBC Standard Bank.
- Oil prices fell on Thursday after U.S. President Donald Trump sent a strident tweet demanding that OPEC cut prices for crude. The escalating trade row between Washington and Beijing, which triggered another sell-off in Asian stocks on Thursday, was also felt in oil markets, with China warning it could introduce duties on U.S. crude imports at an as yet unspecified date.
- A growing fleet of ships is scanning oceans in search of new oil and gas fields as energy companies, now with more cash thanks to stronger crude prices, gradually resume spending on seismic services after a four-year downturn. A doubling in the area contracted for seismic work in the first quarter this year from the last three months of 2017 has injected optimism into surveillance firms, with a global fleet of about 24 vessels, most of whom struggled to survive in the past years.
- The British government and the European Union must avoid a no-deal Brexit “at all costs” as this would clog up food supplies, raise prices and throw retailers out of business, the UK retail industry’s lobby group said on Thursday. The warning from the British Retail Consortium (BRC) came a day before British Prime Minister Theresa May hosts ministers at her country residence to try to reach agreement on how to push on with the all-but-stalled Brexit talks.
- German Chancellor Angela Merkel said on Thursday she would back a lowering of EU tariffs on U.S. car imports, responding to an offer from Washington to abandon threats to impose levies on European cars in return for concessions. Merkel said any such measures would require the European Union to also lower tariffs on cars imported from countries other than the United States, otherwise the plan would not be conform to World Trade Organization rules.
- British lawmakers will debate the government’s proposed legislation on post-Brexit customs arrangements and trade on July 16 and 17, creating another potential flashpoint between Prime Minister Theresa May and pro-European Union lawmakers. The debates will be a chance for lawmakers in May’s Conservative Party to make the case for Britain to remain in a customs union with the EU – something May has ruled out despite being unable to find an alternative that is acceptable to her cabinet and Brussels.
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