COMEX GOLD SIGNAL
INTERNATIONAL COMEX NEWS
- Gold prices edged higher on Monday, reclaiming the key $1,200-level amid renewed fears over an escalating trade war between the world’s two largest economies. Comex gold futures were up $2.00, or 0.2%, at $1,203.10 a troy ounce by 9:00AM ET. Meanwhile, spot gold was trading at $1,200.08 per ounce, up $5.80, or 0.5%.
- Crude prices edged higher on Monday, as looming U.S. sanctions on Iran are widely expected to lead to a tighter market. Brent crude futures, the benchmark for oil prices outside the U.S., rose 69 cents, or 0.9%, to $78.78 a barrel by 9:35AM ET. New York-traded WTI crude futures added 48 cents, or 0.7%, to $69.27 a barrel. The sanctions, which from November will include Tehran’s oil exports, are being reinstated after U.S. President Donald Trump pulled out of the Iran nuclear deal earlier this year.
- Coffee producers are seeking urgent meetings with major customers such as Nestle, Jacobs Douwe Egberts and Starbucks (NASDAQ:SBUX) to find ways to shore up prices that have slid to 12-year lows. The World Coffee Producers’ Forum, whose members account for about 85 percent of global production, held a press conference on Monday after meeting to discuss the price crisis.
- Turkish companies will no longer be required to count foreign-currency losses when assessing whether to file for bankruptcy, according to a legal change introduced at the weekend, a move that could dent productivity by propping up unhealthy companies. The move is the latest government measure to help companies squeezed by a sell-off in the Turkish lira this year, and highlights the difficulty firms, and banks, face in what analysts say is likely to be a wave of debt restructuring.
- The International Monetary Fund has held productive meetings with Argentina aimed at revamping the country’s standby loan agreement, the IMF said on Monday, while the government prepares to send its 2019 budget bill to Congress. The measure is expected to include new spending cuts aimed at erasing Argentina’s primary fiscal deficit next year. In June the government signed a $50 billion standby deal that included a fiscal shortfall of 1.3 percent of gross domestic product.
- The U.S. Federal Reserve said on Monday that Richard Clarida has been sworn in as a member of its board of governors and as vice chairman, the second most powerful position at the central bank. The oath of office was administered by Fed Chairman Jerome Powell on Monday, the Fed said in a statement. Clarida had been confirmed by the Senate late last month.