13Jul

COMEX MARKET IN SINGAPORE| GOLD TRADING FORECAST TODAY

Gold Trading Forecast Today

                                                                        Gold Trading Forecast Today

Gold Trading Forecast Today

Gold Trading Forecast Today

INTERNATIONAL COMEX NEWS

  • Gold prices edged higher nearing midday trade on Thursday, snapping a two-day losing streak, amid continuing concerns over trade and mixed economic data. At 11:31 AM ET (15:31GMT), gold futures for August delivery on the Comex division of the New York Mercantile Exchange gained $3.40, or 0.3%, to $1,247.80 a troy ounce. Traders commented that gold was getting a lift from some of the trade tensions as market participants looked for a safe-haven investment.
  • A rise in oil prices caused by the United States’ sanctions policies will hurt economic growth in China, Europe and other consumers, much like President Donald Trump’s trade measures, a top Iranian official said on Thursday. Iran’s OPEC governor also told Reuters the rise in oil output by OPEC and its allies, after pressure by Trump to do so, was only 170,000 barrels per day (bpd) in June and would not grow much in 2019, also weighing on economic growth.
  • Natural gas futures stayed lower on Thursday, despite data showing that supplies in storage rose less than forecast last week. Front-month U.S. natural gas futures inched down 1.4 cents, or around 0.5%, to $2.816 per million British thermal units (btu) by 10:33AM ET. Futures were at around $2.824 prior to the release of the supply data. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 51 billion cubic feet (bcf) in the week ended July 6, below forecasts for a gain of 55 bcf.

Gold Trading Forecast Today

ECONOMY NEWS

  • European Union finance ministers are set to agree on Friday a joint position before a meeting with their counterparts at the G20 next week, in which they criticize “unilateral” U.S. trade measures and back a firm response. EU ministers will also call for more global action on tax transparency and against money laundering, and will push for an international digital tax reform by 2020, according to a draft text that will form their mandate at the G20 meeting of finance ministers in Buenos Aires on July 19-22.
  • Luxembourg Finance Minister Pierre Gramegna said on Thursday that the European Union should offer enhanced access for financial services firms from third countries, something Britain is seeking for its banks after it leaves the bloc. The EU has “equivalence” regimes which provide limited access for some of non-EU partners to some areas of EU financial services markets.
  •  Under the leadership of former chair Janet Yellen, the Federal Reserve successfully identified 2017’s slowdown in inflation as transitory. Now with tariffs threatening to accelerate inflation, the Fed faces the opposite question: Is faster inflation just another transitory phenomenon? If Yellen’s successor, Jerome Powell, can’t repeat her ability to distinguish between persistent and temporary inflationary forces, then expect the ride to get much bumpier, ending with either a recession or high inflation — or a combination of both.

Gold Trading Forecast Today

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