COMEX MARKET IN SINGAPORE| GOLD TRADING FORECAST TODAY
GOLD TRADING FORECAST TODAY
INTERNATIONAL COMEX NEWS
- Gold prices headed lower on Friday as the U.S. jobs report showed that wage inflation accelerated to its fastest pace since April 2009, increasing the odds that the Federal Reserve will follow through on two more interest rate hikes this year. At 10:48 AM ET (14:48 GMT), gold futures for December delivery on the Comex division of the New York Mercantile Exchange slipped $1.10, or 0.09%, to $1,203.20 a troy ounce, compared to $1,206.70 ahead of the release.
- Oil prices fell on Friday, as U.S. crude inventories fell to their lowest levels since 2015 and investors looked ahead to weekly rig numbers. West Texas crude oil futures slumped 0.60% to $67.36 a barrel as of 11:24 AM ET (15:24 GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., decreased 0.41% to $76.19. The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 4.302 million barrels in the week ended Aug. 31.
- China’s crude oil imports rose 6 percent in August from a month earlier to their highest since May, boosted by a rebound in demand from smaller, independent refiners, according to Reuters calculations based on official data on Saturday. Arrivals last month were 38.17 million tonnes, or 8.99 million barrels per day (bpd), according to Reuters calculations based on official data.
- China’s trade surplus with the United States widened to a record in August even as the country’s export growth slowed slightly, an outcome that could push President Donald Trump to turn up the heat on Beijing in their cantankerous trade dispute. The politically sensitive surplus hit $31.05 billion in August, up from $28.09 billion in July and surpassing the previous record set in June.
- Continued job growth and the fastest wage increases in nearly a decade leave the Federal Reserve’s current plans for interest rate increases intact, with no sign the economy is yet overheating, Cleveland Fed President Loretta Mester said on Friday. Mester, a current voter on rate policy who has been among the most concerned about inflation and financial stability risks, said that the U.S. employment report for August released earlier on Friday was “strong” and a sign that pay increases have spread across industries and to weaker parts of the country.
- The Federal Reserve should keep raising U.S. interest rates until mid-2019, and only then needs to take a decision on when it ought to stop, Dallas Fed President Robert Kaplan suggested on Friday. Kaplan has previously said he thinks the Fed should raise rates three or four more times over the next nine to 12 months to lift interest rates to the 2.5 percent to 2.75 percent range he views as neutral, a view he reiterated on Friday at a conference at his bank’s headquarters.
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