Daily Archives: July 31, 2018
GOLD TRADING FORECAST TODAY
INTERNATIONAL COMEX NEWS
- Gold prices were flat on Monday as investors wait for a flurry of central bank policy decisions this week. Comex gold futures for August delivery rose 0.02% to $1,223.20 a troy ounce as of 11:07 AM ET (15:07 GMT). The Federal Open Market Committee (FOMC) meets on Tuesday and Wednesday, with a policy decision scheduled for Wednesday afternoon. Investors do not expect the Fed to increase interest rates this week, but there is an 87.8% chance the central bank will hike rates in September.
- Saudi Arabia announced last week it was suspending oil shipments through the Red Sea’s Bab al-Mandeb strait after Yemen’s Iran-aligned Houthis attacked two ships in the waterway. To date, no other exporters have followed suit. A full blockage of the strategic waterway would virtually halt shipment to Europe and the United States of about 4.8 million barrels per day of crude oil and refined petroleum products.
- Oil prices traded higher on Monday, bouncing back after their fourth-straight weekly loss last week amid emerging evidence of oversupply, as some traders moved in at lower prices amid a confluence of bullish factors. New Yorktraded West Texas Intermediate crude futures gained $1.39, or 2.02%, to $70.08 a barrel by 11:04 AM ET (15:04 GMT).
- The United States has eased export controls for high technology product sales to India, granting it the same access as NATO allies, Australia, Japan and South Korea, U.S. Commerce Secretary Wilbur Ross said on Monday. Ross, speaking at U.S. Chamber of Commerce event, said the move to grant Strategic Trade Authorization status STA1 to India reflects its efforts to improve its own export control regime, its adherence to multilateral export rules and its growing status as a U.S. defense partner.
- Ukraine lost the bulk of a legal dispute against Russia on Monday, when a World Trade Organization dispute panel struck out many of its arguments about Russia refusing to use Ukrainian railway equipment, a major export for Kiev. Ukraine complained to the WTO in 2015 about Russia’s rejection of Ukrainian rolling stock, railroad switches and other railroad equipment, but the WTO ruled that the security situation was such that Russian inspectors sent to check that Ukraine’s exports complied with Russian standards would have been risking their lives, and Russia was therefore justified.
- Building on President Donald Trump’s “Indo-Pacific” strategy, U.S. Secretary of State Mike Pompeo on Monday announced $113 million in new regional investments focused on technology, energy and infrastructure. The announcement comes at a time when trade frictions with China have given U.S. trade diplomacy a sharper edge.
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