Daily Archives: August 21, 2018
GOLD TRADING FORECAST TODAY
INTERNATIONAL COMEX NEWS
- Gold is hitting new milestones of misery. Exchange-traded funds tracking the metal have bled assets for 13 consecutive weeks, the longest run in five years, investors have placed the biggest gold short on record, and bullion’s chief foe — a strong dollar — is extending its market grip. Gold’s 9 percent tumble this year belies the turmoil in emerging markets and jitters over technology companies, the anchor of the U.S. equity bull market.
- Base metals rebounded, pushing copper back above $6,000 a metric ton, on easing trade tensions between the U.S. and China, and signs of stronger demand. Copper for three-month delivery rose 1.6 percent to $6,020 per ton as of 10:54 a.m. on the London Metal Exchange. Most other metals were also higher, with aluminum adding 2.3 percent. Copper prices extended gains on Monday after data showed orders to withdraw metal from LME warehouses increased by the most in three years.
- Brent oil stabilized near $72 per barrel on Monday after several weeks of decline, weighed down by concerns over slowing global economic growth but supported by an expected fall in supply from Iran due to U.S. sanctions. Brent crude futures, a benchmark for international oil prices, were at $72.08 per barrel at 1336 GMT, up 25 cents. U.S. West Texas Intermediate (WTI) crude futures were up 6 cents at $65.96 per barrel.
- A broad cross-section of U.S. businesses has a message for the Trump administration: new tariffs on $200 billion of Chinese imports will force Americans to pay more for items they use throughout their daily lives, from cradles to coffins. Six days of public hearings on the proposed duties of up to 25 percent will start on Monday in Washington as part of President Donald Trump’s and the U.S. Trade Representative’s efforts to pressure Beijing for sweeping changes to its trade and economic policies.
- Venezuela President Nicolas Maduro carried out one of the greatest currency devaluations in history over the weekend — a 95 percent plunge that will test the capacity of an already beleaguered population to stomach even more pain. One likely outcome is that inflation, which already was forecast to reach 1 million percent this year, will get fresh fuel from the measures. Prices are currently rising at an annualized rate of 108,000 percent, according to Bloomberg’s Café con Leche index.
- Italian Deputy Prime Minister Matteo Salvini said on Monday the government will stand up any against market attacks or debt downgrades that may come its way. Italian stocks and bonds have repeatedly come under pressure since the anti-establishment coalition of the right-wing League, led by Salvini, and the 5-Star Movement took office in June.
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