COMEX MARKET IN SINGAPORE| GOLD TRADING FORECAST TODAY
GOLD TRADING FORECAST TODAY
INTERNATIONAL COMEX NEWS
- Gold prices eased on Thursday as immediate global trade tension eased U.S. President Donald Trump and European Commission President Jean-Claude Juncker agreed to work towards eliminating trade barriers. Gold Futures for August delivery on the Comex division of the New York Mercantile Exchangeis was down 0.2% to a trading price of $1,229.90 each troy ounce at 1:30AM ET (05:30 GMT).
- Natural gas futures rose to the highest levels of the session on Thursday, after data showed that supplies in storage rose much less than forecast last week. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 24 billion cubic feet (bcf) in the week ended July 20, below forecasts for a gain of 36 bcf. That compared with a build of 46 bcf in the preceding week, an increase of 17 bcf a year earlier and a five-year average rise of 46 bcf.
- U.S. crude oil prices inched down on Thursday while Brent rose after Saudi Arabia said it was suspending oil shipping in the Red Sea. West Texas Crude oil futures fell 0.03% to $69.28 a barrel as of 10:27 AM ET (14:27 GMT). Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., increased 0.05% to $73.97. Saudi Arabia, the biggest oil exporter in the world, said it was temporarily halting oil shipments through the Red Sea after an attack by Yemen’s Houthi movement.
- Chinese and U.S. envoys presented radically differing visions of China’s economic model at the World Trade Organization on Thursday, a choice between “the world’s most protectionist economy” and a growth story that had benefited all countries. U.S. Ambassador Dennis Shea was presenting a paper entitled “China’s trade-disruptive economic model” to the last WTO meeting before a summer break, overshadowed by a nascent multi-billion dollar trade war between the two economic giants.
- The Bank of England looks set to pass a post-financial crisis milestone next week by finally raising interest rates above their emergency levels set more than nine years ago. But with a potentially messy Brexit nearing, Governor Mark Carney may sound cautious about the pace of further moves away from the BoE’s still-powerful stimulus program. In March 2009, when the financial crisis was raging, the BoE slashed its benchmark rate to 0.5 percent to stave off the risk of a depression.
- The U.S. economy is growing at a 3.8 percent annualized rate in the second quarter following the latest data on domestic durable goods orders and advance trade balance, the Atlanta Federal Reserve’s GDPNow forecast model showed on Thursday. The latest estimate on gross domestic product growth was slower than the 4.5 percent pace estimated on July 18, the Atlanta Fed said.
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