Daily Archives: July 10, 2018
GOLD TRADING FORECAST TODAY
INTERNATIONAL COMEX NEWS
- Gold prices gained on Monday on a softer dollar and threat of a full-blown trade war after US tariffs on $34 billion worth of Chinese goods took effect on Friday, while China’s commerce ministry retaliated with 25% tariffs on $34 billion worth of US imports. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange gained 0.32% to $1,259.80 a troy ounce by 1:30AM ET (05:30 GMT).
- Saudi Aramco is more resilient to oil price slumps than its biggest listed rivals, its 2016 accounts indicate, giving a rare insight into the state energy giant’s finances ahead of a proposed flotation. The full-year accounts, not publicly available but seen by Reuters, show Aramco’s net income fell by about 21 percent to $13.3 billion in 2016 – when oil prices collapsed to a 12-year low of $27.10 a barrel due to a global glut of crude.
- Oil prices rose on Monday after data last week showed U.S. crude inventories fell to their lowest in three years. Trade dispute between the U.S. and China remained in focus. Crude Oil WTI Futures for August delivery were trading at $74.08 a barrel at 12:02AM ET (04:02 GMT), up 0.38%. Brent Oil Futures for September delivery, traded in London, were also up 0.47% at $77.48 per barrel. Official data showed on Thursday that inventories at Cushing, the delivery point for U.S. crude futures, fell to their lowest in 3-1/2 years.
- Canadian, Mexican and U.S. auto trade associations on Monday urged a “renewed focus” in talks to reshape the North American Free Trade Agreement, saying all parties should return to the negotiating table now for a “cohesive threecountry” deal. “It is in the best interest of all three countries to refocus on establishing a new NAFTA agreement that will allow the North American auto industry to remain globally competitive,” said the statement, released jointly by auto parts and car manufacturing associations from the three nations.
- Indonesia’s central bank governor said on Monday assessments of the domestic economy and global indicators would determine whether monetary policy needed to be tightened further, after three rate increases in two months to defend the currency. In an interview, Bank Indonesia (BI) Governor Perry Warjiyo said rate rises had made returns on assets in Southeast Asia’s biggest economy more attractive, noting that investors had started to re-enter the government bond market.
- European Central Bank President Mario Draghi renewed on Monday his call for a common bank deposit insurance scheme for the euro area after it was kicked into the long grass by the bloc’s leaders. The ECB sees a European Deposit Insurance Scheme as crucial to underpinning depositor confidence in their bank across the currency bloc.
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