17Jul

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 inched down on Monday, despite a lower U.S. dollar as data supported expectations of a Fed interest rate increase. Comex gold futures for August delivery decreased 0.15% to $1,239.30 a troy ounce as of 11:18 AM ET (15:18 GMT). Gold was weighed down by economic data pointing to an increase in Federal Reserve interest rates. Retail sales increased by 0.5% for the fifth month in a row, according to the U.S. Commerce Department.
  • Oil prices fell more than 3% to below $68 on Monday as the U.S. Treasury Secretary Steven Mnuchin suggested that certain exceptions could be made for countries importing oil from Iran. New York-traded West Texas Intermediate crude futures tumbled $2.33 or 3.3% to $67.62 a barrel by 10:32 AM ET (14:33 GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., sank $2.56 or 3.4%, to $72.77.
  • The market could hold steady on Monday as we approach the May 7 bottom at $2.711. We may not see much action to the downside until the release of the next 10 to 14 day weather forecast and the first round of storage estimates for Thursday’s government report. Natural gas futures are edging slightly higher early Monday. I wouldn’t read into the move. We could be just looking at profit-taking and position-squaring after the steep two-week sell-off.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  •  France and Germany want the European Union’s agriculture budget to be maintained at its current level once Britain leaves the bloc, the French and German farm ministers said on Monday. Rejecting a proposal from the European Commission for a reduction in the budget for the Common Agricultural Policy (CAP), the ministers said in a joint statement they would seek that “the budget allocated to the CAP be maintained at its current level for the 27 member states.”
  • Escalating trade tensions are threatening to derail a global upswing that’s already losing momentum amid weaker-than -expected growth in Europe and Japan as financial markets seem complacent to the mounting risks, the International Monetary Fund warned. The IMF kept is global forecast unchanged Monday in the latest update to its Global Economic Outlook. The world economy will grow 3.9 percent this year and next, said the Washington-based fund. The pace this year would be the fastest since 2011.
  • The International Monetary Fund warned on Monday that escalating and sustained trade conflicts are increasingly likely, threatening to derail economic recovery and depress medium-term growth prospects. The IMF, in an update to its World Economic Outlook growth forecasts, said that the United States, as the focus of retaliatory tariffs from trading partners, was especially vulnerable to a slowdown in its exports. An escalation of tariffs to levels threatened by the United States, China and other countries would not only have a direct effect on demand, but would heighten uncertainty and hurt investment, the IMF said.

GOLD TRADING FORECAST TODAY

 

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