2Aug

COMEX MARKET IN SINGAPORE| GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • Gold prices were down on Wednesday as traders wait for a policy decision from the Federal Reserve. Comex gold futures for August delivery fell 0.44% to $1,218.30 a troy ounce as of 10:30 AM ET (14:30 GMT). Gold has fallen in recent months as a stronger dollar and rising interest weights weighed on the metal. The Fed Is not expected to raise interest rates later in the day, but a decision and policy statement are released at 2:00 PM ET (18:00 GMT).
  • Oil slipped below $74 a barrel on Wednesday pressured by an industry report that U.S. stockpiles of crude rose unexpectedly and by higher OPEC production, adding to indications of more ample supply. On Tuesday, the American Petroleum Institute said crude inventories rose by 5.6 million barrels last week. Analysts had expected a decrease of 2.8 million. The U.S. government’s supply report is due on Wednesday.
  • EU soybean imports from the United States almost quadrupled early in the new marketing year, the European Union said, a week after it struck a deal with U.S. President Donald Trump to avert a trade row, as buyers responded to a sharp drop in prices. The EU said in a statement that the collation of new bi-monthly import data showing the rise was “the first concrete follow-up to the EU-U.S. joint statement agreed in Washington between Commission President Juncker and U.S. President Trump”.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • The U.S. Treasury said on Wednesday it will introduce a new benchmark 2-month bill starting in October 2018 and also increase the size of its debt auctions in the coming months. The measures are to deal with a rising budget deficit and fill gaps left by the Federal Reserve continuing to reduce its massive bond portfolio. Rising federal borrowing, while not entirely a surprise, rekindled some concerns about its effect on the bond market, lifting the 10-year Treasury yield (US10YT=RR) to 3 percent for the first time since mid-June.
  • The Federal Reserve is considering a key milestone in its public communication about the path of interest rates. Wall Street economists think a language change is coming that will signal monetary policy is no longer loose, meaning interest rates are no longer seen as particularly low. This week’s meeting may be too soon; it’s more likely such a shift will come in September, when the Fed is next expected to raise interest rates.
  • Iranian lawmakers have given President Hassan Rouhani one month to appear before parliament to answer questions on his government’s handling of Iran’s economic struggles, state media reported on Wednesday. It is the first time parliament has summoned Rouhani, who is under pressure from hardline rivals to change his cabinet following a deterioration in relations with the United States and Iran’s growing economic difficulties. Lawmakers want to question Rouhani on topics including the rial’s decline, which has lost more than half its value since April, weak economic growth and rising unemployment, according to semi-official ISNA news agency.

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