TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT
COMEX GOLD SIGNAL
INTERNATIONAL COMEX NEWS
- Gold prices were down on Tuesday, but remained on track for a fourth-straight month of losses. Comex gold futures for August delivery fell 0.11% to $1,219.90 a troy ounce as of 10:26 AM ET (14:26 GMT). Gold has fallen in recent months as a stronger dollar and rising interest rates weighed on the metal. The Federal Reserve makes a policy decision Wednesday afternoon, but no rate hike is expected.
- Kuwait Foreign Petroleum Exploration Co. is borrowing $1.1 billion to spend on oil and natural gas projects as the company plans to expand its shale operations, Chief Executive Officer Sheikh Nawaf Saud Al-Sabah said. Sumitomo Mitsui Banking Corp. and Societe Generale (PA:SOGN) SA were the joint lead arrangers of the five-year loan for Kufpec, a unit of state-run Kuwait Petroleum Corp., Al-Sabah said at a news conference in Kuwait City
- U.S. President Donald Trump’s proposed tariffs on another $200 billion of Chinese goods threaten a niche trade in minor metals and rare earths used in everything from stomach remedies and jet engines to consumer electronics. More than 6,000 items have been earmarked for a 10 percent import tariff, including – in some form – 32 of the 35 minerals the United States in May designated as “critical” to its economic and national security.
- The Federal Reserve is expected to keep interest rates unchanged on Wednesday, but solid economic growth combined with rising inflation are likely to keep it on track for another two hikes this year even as President Donald Trump has ramped up criticism of its push to raise rates. The U.S. central bank so far this year has increased borrowing costs in March and June, and investors see additional moves in September and December. Policymakers have raised rates seven times since December 2015.
- Mexican tycoon Carlos Slim said on Tuesday that the best wall between Mexico and the United States was investment and job opportunities, referring to the U.S. President Donald Trump’s promise to build a border fence between the two countries. “The best wall is investment and creating opportunities in Mexico,” Slim said during an strategy conference for the Spanish builder FCC (MC:FCC), of which he is the main shareholder, in Madrid.
- China will keep its economic growth within a reasonable range by making policies more flexible and effective, the state -run Xinhua news agency said on Tuesday. The authorities will stabilize China’s employment, financial sector, foreign trade and investment, it said, citing a statement released after a meeting of the Politburo, a top decision-making body of the ruling Communist Party. China will better balance its financial risk prevention and support for the real economy, maintaining its deleveraging drive but paying attention to its pace and intensity, it added.
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