TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT
COMEX GOLD SIGNAL
INTERNATIONAL COMEX NEWS
- Gold prices drifted lower on Wednesday, briefly falling below the key $1,200-level, as investors awaited further developments in the ongoing trade spat between the U.S. and its major trading partners. Comex gold futures were down around 20 cents at $1,202.00 a troy ounce by 10:20AM ET (1520GMT). Meanwhile, spot gold was trading at $1,196.64 per ounce. It touched its lowest since Aug. 24 at $1,187.21 on Tuesday.
- OPEC on Wednesday further trimmed its forecast for 2019 global oil demand growth and said the risk to the economic outlook was skewed to the downside, adding a new challenge to the group’s efforts to support the market next year. In a monthly report, the Organization of the Petroleum Exporting Countries said world oil demand next year would rise by 1.41 million barrels per day (bpd), 20,000 bpd less than last month and the second consecutive reduction in the forecast.
- West Texas Intermediate oil extended gains in North American trade on Wednesday, after weekly data showed that oil supplies in the U.S. registered a larger-than-expected draw. Crude oil for October delivery on the New York Mercantile Exchange $1.37 cents, or 1.92%, to trade at $70.62 a barrel by 10:33 AM ET (14:33 GMT) compared to $70.42 ahead of the report. The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 5.296 million barrels in the week ended September 7.
- Vietnam should be more flexible in handling its exchange rate, and is on track to cut its public debt to about 60 percent of gross domestic product by 2020, its finance minister said in an interview on Wednesday. The dong currency has weakened 2.5 percent this year, which traders say stems from the U.S-China trade war, and remains near a record low against the U.S. dollar hit last month. Vietnam’s central bank has been building up U.S. dollar reserves to shore up the dong, which experts have advised should be allowed to depreciate more and better reflect market conditions.
- Britain will remain a major hub for global finance, regardless of what happens with Brexit, a senior Bank of England official said in an interview published by Wales media group WalesOnline on Wednesday. Alex Brazier, the central bank’s executive director for financial stability strategy and risk, said during a visit to Cardiff said it was hard to predict what exactly would happen if Britain left the European Union next year without a trade deal.
- New York has overtaken London as the world’s most attractive financial center, a survey said on Wednesday, as Britain’s decision to leave the European Union prompts banks to shift jobs out of the city to preserve access to Europe’s single market. Brexit poses the biggest challenge to the City of London’s finance industry since the 2007-2009 financial crisis, since it might mean banks and insurers lose access to the EU, the world’s biggest trading bloc.
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