COMEX MARKET IN SINGAPORE| GOLD TRADING FORECAST TODAY
GOLD TRADING FORECAST TODAY
INTERNATIONAL COMEX NEWS
- Gold prices rose on Wednesday morning in Asia, driven by the ongoing currency crisis in Argentina, which economists expect could lead to a recession, a weaker peso and higher inflation. Gold futures for December delivery went up 0.06% to $1,199.7 at 10:47PM ET (02:47 GMT) on the Comex division of the New York Mercantile Exchange. A monthly survey by Bloomberg on Tuesday showed that Argentina’s inflation is expected to hit 40.3% at the end of the year, higher than the 31.8% forecasted in July.
- Oil fell toward $77 a barrel on Wednesday as a tropical storm hitting the U.S. Gulf coast weakened and moved away from oil-producing areas, easing supply concerns. Crude had jumped the previous day as oil companies shut dozens of offshore platforms in anticipation of damage from tropical storm Gordon. But by Wednesday the storm was weakening, reducing its threat to oil producers.
- U.S. oil producer ConocoPhillips (N:COP) is still awaiting payment from Venezuela on a $2 billion arbitration settlement reached last month with the country’s state-run PDVSA, Chief Executive Ryan Lance said on Wednesday. Conoco last month suspended legal attachments efforts that had cut Venezuela’s oil exports from several Caribbean facilities following a deal that allowed the country 90 days to make an initial $500 million payment.
- Argentina’s peso lost nearly 1 percent against the U.S. dollar early on Wednesday as government officials met with the International Monetary Fund in Washington to try to secure early cash disbursements under an emergency financing deal. The peso opened down 0.89 percent at 39.4 to the dollar despite Economy Minister Nicolas Dujovne saying in Washington on Tuesday evening that he hoped to clinch a deal with the IMF within a month.
- Italy is unlikely to get one of its own appointed as the next head of Europe’s banking watchdog, sources say, diminishing Rome’s chances of retaining its influence over the European Central Bank once ECB chief Mario Draghi steps down next year. The ECB is looking to replace Daniele Nouy, a French national, as the head of the Single Supervisory Mechanism (SSM) — the first of four top jobs at the central bank coming up for grabs in the next 15 months.
- The U.S. Federal Reserve should hold off on further interest rate rises because the stance of monetary policy is already at neutral or possibly restrictive, St. Louis Federal Reserve Bank President James Bullard said on Wednesday. Bullard has repeatedly raised the alarm over the central bank’s plan to keep raising its benchmark lending rate and pointed to financial market signals as the best indicator of how policymakers should proceed.
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