Daily Archives: July 23, 2018
GOLD TRADING FORECAST TODAY
INTERNATIONAL COMEX NEWS
- Metal prices were higher Friday as the dollar moved sharply lower after President Donald Trump said higher interest rates and the strength of the greenback were hampering economic growth. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange rose by $8.10, or 0.66%, to $1,232.30 a troy ounce from a session low of $1.215.50.
- The U.S. oil and gas industry is lobbying against tighter sanctions on Russia that could impact U.S. investments there, congressional sources said on Friday. The U.S. Senate has revived a bill, called DETER, that would allow for swift sanctions if Moscow was found meddling in future U.S. elections. Both Democrats and Republicans are looking to redress what they consider President Donald Trump’s weak stance on accusations of Russian interference in the 2016 election when he met Russian President Vladimir Putin on Monday.
- President Donald Trump said he was ready to impose tariffs on all $500 billion of goods the U.S. imports from China, remarks that sent financial markets retreating and threatened to escalate a trade clash with the Asian giant. “We’re down a tremendous amount,” Trump said in an interview about trade imbalances with China on CNBC broadcast on Friday.
- The United States is monitoring the recent weakness in China’s yuan currency and will review whether the currency has been manipulated, Treasury Secretary Steven Mnuchin told Reuters on Friday. Mnuchin said in an interview in Sao Paulo, Brazil, that the yuan’s weakness would be reviewed as part of the U.S. Treasury’s semi-annual report on currency manipulation. The report is due on Oct. 15 and will be based on activity for the first six months of 2018.
- U.S. President Donald Trump may not be happy about the strength of the U.S. dollar, but the greenback’s recent rally may partly be a product of his own making. The U.S. dollar has been climbing against major currencies for several months, with thedollar index (DXY) up nearly 7.0 percent over the last three months and on Thursday hit a one year high.
- The U.S. Securities and Exchange Commission said on Friday that Deutsche Bank (DE:DBKGn) (N:DB) has agreed to pay nearly $75 million to settle an investigation into the mishandling of pre-release American Depositary Receipts (ADR). Deutsche Bank did not admit or deny the SEC’s findings but agreed to return its “ill-gotten gains” and comply with the SEC’s fine, the regulator said. The SEC said its investigation has revealed “industrywide abuses” in pre-released ADRs, said Stephanie Avakian, of the SEC’s Enforcement Division.
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