Daily Archives: July 9, 2018
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.
- World powers and Iran appeared to make no concrete breakthrough on Friday in talks to provide Tehran with an economic package to compensate for U.S. sanctions that begin taking effect in August. Ministers from Britain, China, France, Germany and Russia met their Iranian counterpart in Vienna for the first time since U.S. President Donald Trump left a nuclear accord in May, but diplomats had seen limited scope for salvaging it.
- Oil slipped below $77 a barrel on Friday, under pressure from higher Saudi production and trade tensions between the United States and China, despite support from oil supply disruptions. Top exporter Saudi Arabia told OPEC it raised oil output by almost 500,000 barrels per day last month, OPEC sources said, a sign Riyadh wants to make up for shortages elsewhere and dampen prices. Brent crude (LCOc1), the global benchmark, was down 76 cents at $76.63 a barrel by 1313 GMT. U.S. crude (CLc1) slipped 65 cents to $72.29.
- U.S. job growth increased more than expected in June as manufacturers stepped up hiring, but steady wage gains pointed to moderate inflation pressures that should keep the Federal Reserve on a path of gradual interest rate increases. Nonfarm payrolls rose by 213,000 jobs last month, the Labor Department said on Friday. Data for April and May was revised to show 37,000 more jobs created than previously reported. The economy needs to create roughly 120,000 jobs per month to keep up with growth in the working-age population.
- The United States and China slapped tit-for-tat duties on $34 billion worth of each other’s imports on Friday, with Beijing accusing Washington of triggering the “largest-scale trade war” as the world’s two biggest economies sharply escalated their conflict. Hours before Washington’s deadline for the tariffs to take effect, U.S. President Donald Trump upped the ante, warning that the United States may ultimately target over $500 billion worth of Chinese goods, or roughly the total amount of U.S. imports from China last year.
- German Finance Minister Olaf Scholz on Friday defended his balanced budget plan for this year, saying that fiscal policy should be planned while bearing in mind that restrictive trade policies could hit tax revenues. “If we look at the trade development, it is justifiable to be careful in budget planning,” Scholz said during a news conference. Scholz also said that an escalating trade dispute between the United States and its partners would hit the world’s largest economy.
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