TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT
COMEX GOLD SIGNAL
INTERNATIONAL COMEX NEWS
- Gold prices fell on Thursday and were on track to record a fifth straight monthly decline on expectations of a higher interest rates. Gold futures for December delivery was trading at $1,209.5 per troy ounce, down by 0.16% at 12:32AM ET (04:32 GMT) on the Comex division of the New York Mercantile Exchange. Markets widely expect the Federal Reserve to hike interest rates in September and December following last week’s Jackson Hole symposium, where Fed chairman Jerome Powell defended the policy of interest rate hikes, adding that he expected a low but gradual growth of interest rates as inflation is reaching the country’s 2% target.
- U.S. crude prices rose on Thursday as traders speculated on further tightening of supply, as weekly U.S. inventory data showed diminishing inventories. New York-traded West Texas Intermediate crude futures gained 22 cents, or 0.32%, at $68.69 a barrel by 11:06 AM ET (15:06 GMT), not far from its intraday high of $69.73. Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., rose 26 cents, or 0.34%, to $77.72.
- The U.S. Energy Information Administration (EIA) reported Thursday morning that U.S. natural gas stockpiles increased by 70 billion cubic feet for the week ending August 24. Analysts were expecting a storage injection of around 65 billion cubic feet. The five-year average for the week is an injection of 59 billion cubic feet, and last year’s storage increase for the week totaled 30 billion cubic feet.
- India’s main opposition Congress party on Thursday lashed out at Prime Minister Narendra Modi after central bank data showed that his shock 2016 move to ban high-value notes failed to meet his key objective of flushing out money hidden from the tax man. Modi withdrew 500 and 1,000 rupee notes from circulation to make hoarded cash, or black money, worthless. It aimed to bring billions of dollars worth of cash in unaccounted wealth into the mainstream economy and to hit the finances of militant groups suspected of using fake 500 rupee notes to fund operations.
- Turkish central bank Deputy Governor and Monetary Policy Committee member Erkan Kilimci will resign from the role, according to a person familiar with the matter. Kilimci, who was appointed to the job in May 2016, is joining the board of the Development Bank of Turkey, the person said. The lira extended this week’s slump as news emerged of Kilimci’s departure. The currency dropped as much as 5.8 percent to 6.8427 against the dollar in thin trade during a public holiday in Turkey.
- The European Union’s detente on tariffs with the United States has not put to rest “profound disagreements” on trade policy, the European commissioner in charge of trade said on Thursday. U.S. President Donald Trump agreed in July to refrain from imposing car tariffs while the two sides sought to cut other trade barriers, in a move described then by the European Commission chief as major concession.
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