TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT
COMEX GOLD SIGNAL
INTERNATIONAL COMEX NEWS
- Gold prices traded higher on Friday as investors flocked to safe-haven assets while U.S. President Donald Trump announced the implementation of higher tariffs on Turkey. At 11:32 AM ET (15:32 GMT), gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose $1.55, or 0.13%, to $1,213.93 a troy ounce. “I have just authorized a doubling of tariffs on steel and aluminum with respect to Turkey as their currency, the Turkish lira, slides rapidly downward against our very strong dollar!”
- Metals prices were mostly lower Friday as a plunging euro pushed the dollar above a year high, rattling investor sentiment on dollar-dominated commodities. But gold steadied on safe-haven demand. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange fell by $0.90, or 0.07%, to $1,219.00 a troy ounce, but remained above an intraday low of $1,213.20.
- WTI crude oil prices slumped to a weekly loss, despite settling higher Friday on renewed bets on steeper losses of Iranian crude from market. Expectations for a rebound in oil demand growth also lifted sentiment. On the New York Mercantile Exchange crude futures for September delivery rose 82 cents settle at $67.63 a barrel, while on London’s Intercontinental Exchange, Brent rose 0.97% to trade at $72.77 barrel.
- China’s state media continued a barrage of criticism of the United States on Saturday as their tit-for-tat trade war escalated, while seeking to reassure readers the Chinese economy remains in strong shape. Commentaries in the People’s Daily, China’s top newspaper, likened the United States to a bull in a China shop running roughshod over the rules of global trade and said that China was “still one of the best-performing, most promising and most tenacious economies in the world.”
- Talks between the United States and Mexico over the future of the North American Free Trade Agreement were set to drag into next week, as auto industry officials said on Friday that new sticking points had emerged over President Donald Trump’s threat to impose steep automotive tariffs. Auto industry officials familiar with the talks said the Trump administration wants the ability to impose national security tariffs on future Mexican production from new auto assembly and parts plants.
- Japan’s Economy Minister Toshimitsu Motegi said on Friday he had had productive trade talks with U.S. Trade Representative Robert Lighthizer and that they planned to meet again in September. He said both acknowledged the importance of expanding trade between the two nations. “We agreed to seek ways to promote Japan-U.S. trade by working out gaps between the two nations and expand areas to cooperate based on shared understanding,” Motegi told re
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