COMMODITY MARKET IN SINGAPORE| GOLD TRADING FORECAST TODAY
GOLD TRADING FORECAST TODAY
INTERNATIONAL COMEX NEWS
- Gold prices were under pressure on Tuesday as a stronger dollar pushed the precious metal back towards 7-month lows hit a week earlier. At 10:55AM ET (14:55GMT), gold futures for August delivery on the Comex division of the New York Mercantile Exchange gained $4.90, or 0.4%, to $1,254.70 a troy ounce. Meanwhile, the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, gained 0.22% to 94.01.
- Iranian vice president Eshaq Jahangiri acknowledged on Tuesday that U.S. sanctions would hurt the economy but promised to “sell as much oil as we can” and protect its banking system. Jahangiri said Washington was trying to stop Iran’s petrochemical, steel and copperexports, and to disrupt its ports and shipping services. “America seeks to reduce Iran’s oil sales, our vital source of income, to zero,” he said, according to Fars news agency.
- Crude oil prices rose on Tuesday amid supply shortages, as Iran vowed to sell as much oil as it could. West Texas Crude oil futures rose 0.84% to $74.47 a barrel as of 10:00 AM ET (14:00 GMT). Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., rose 1.65% to $79.36. Iran’s vice president, Eshaq Jahangiri, said that the U.S.’s attempts to stop oil exports would have an impact but the country would still “sell as much oil as we can.”
- European Affairs Minister Paolo Savona said on Tuesday that Italy had to be ready for “all eventualities” regarding its membership of the euro zone, which might depend on factors outside its control. Italy’s anti-establishment League/5- Star Movement coalition had nominated Savona to be its first economy minister last month, but President Sergio Mattarella vetoed the appointment because of Savona’s scepticism about euro zone membership. The academic who was eventually named economy minister, Giovanni Tria, has committed Italy to keeping the euro.
- S&P Global is watching Turkey closely, the rating agency said on Tuesday, and it warned that President Tayyip Erdogan’s move to install his son-in-law as finance minister showed power in the country was now increasingly centralized. S&P rates Turkey at BB-, lower than rivals Moody’s and Fitch following a downgrade in May, but one of its senior sovereign analysts, Frank Gill, told Reuters the country’s political changes were keeping it in focus.
- Turkish President Recep Tayyip Erdogan unfortunately is a man of his word. He promised to take greater control of monetary policy during the election campaign, and he has wasted no time in doing so. He has snipped the last threads in Turkey’s safety net – and he has made his nation all but uninvestable. Deputy Prime Minister Mehmet Simsek, and Finance Minister Naci Agbal have both departed. They were the kinds of officials global investors like to see – committed to sound financial management and standard economic principles. They did a lot to soothe investors’ nervousness as Erdogan tightened his grip on the country. There seems to be no one left to fulfill that role.
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