COMEX MARKET IN SINGAPORE| GOLD TRADING FORECAST TODAY
GOLD TRADING FORECAST TODAY
INTERNATIONAL COMEX NEWS
- Gold prices were trading slightly lower on Tuesday as the dollar edged up after a sharp decline in the previous session. Gold Futures for August delivery on the Comex division of the New York Mercantile Exchangeis was down 0.47% to a trading price of $1,219.8 each troy ounce at 1:10AM ET (05:10 GMT).
- Rising oil revenues are greatly improving the outlook for budget and trade balances among Gulf Arab countries but will do very little to boost economic growth, a quarterly Reuters poll of economists showed. The benchmark Brent oil price (LCOc1) has averaged about $71.60 a barrel so far this year, up from $55 last year. Also, Gulf states are set to export more oil this year after global producers agreed last month to boost output, partly to compensate for anticipated losses in production by Iran, which faces U.S. sanctions.
- U.S. crude oil prices were higher on Tuesday, as Iran threatened to retaliate against the U.S. if the government tries to block its oil exports. West Texas Crude oil futures rose 1.24% to $68.73 a barrel as of 10:32 AM ET (14:32 GMT). Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., increased 0.79% to $73.64. The U.S. has threatened to block oil trade with Iran after Trump withdrew from the nuclear agreement with Tehran.
- The trade is familiar to investors worldwide: in times of turmoil, rush for cover by buying the Japanese yen. This year a global trade row has erupted, Donald Trump has lamented the dollar’s strength – ignoring a custom that U.S. presidents avoid openly interfering in financial markets – and the Chinese yuan has tumbled. And yet the yen has stayed resolutely weak, becoming the weakest of the G10 developed market currencies this month.
- The International Monetary Fund said on Tuesday that the U.S. dollar is over-valued, China’s yuan is in line with fundamentals and nearly half of global current account balances are now excessive, adding to growth risks and trade tensions. The IMF, in its annual External Sector Report, which assesses exchange rates and current account surpluses and deficits, also said current account surpluses and deficits are becoming increasingly concentrated in advanced economies.
- The chief trade negotiator of the incoming Mexican administration, Jesus Seade, said on Tuesday he expected the renegotiation of the North American Free Trade Agreement (NAFTA)to be agreed in the next few months. “What I see … to be a very feasible expectation is that we’ll be concluding the negotiation in the next two months if possible, or in the next few months a bit further down the road,” Seade told Mexican radio.
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