COMEX MARKET IN SINGAPORE| GOLD TRADING FORECAST TODAY
GOLD TRADING FORECAST TODAY
INTERNATIONAL COMEX NEWS
- The initial market reaction to China’s official statement regarding the retaliatory tariffs to be imposed against the U.S. lifted the XAU/USD pair above the $1200 handle. As of writing, the pair was trading at $1202, adding 0.05% on the day. China said that import tariffs ranging from 5% to 10% on $60 billion worth of American goods will be imposed starting September 24.
- Germany’s main carmakers’ association is optimistic about the outlook for global sales of trucks and vans, with a booming online retail sector in Europe boosting demand even as the motor industry faces growing trade barriers. The VDA association said sales of heavy-duty trucks in western European rose by 2 percent in January-July, and forecast a 2 percent increase in sales of light-duty trucks in that market for the whole of 2018, to almost 2 million vehicles.
- Oil prices were higher on Tuesday, as Saudi Arabian officials said they are comfortable with rising Brent prices. West Texas Crude oil futures for November surged 1.35% to $69.61 a barrel as of 10:35 AM ET (14:35 GMT). Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., increased 1.46% to $79.19. Saudi Arabian officials said they are comfortable with Brent prices going above $80 a barrel as markets adjust to the loss of supply from U.S. sanctions.
- China will levy tariffs on about $60 billion worth of U.S. goods in retaliation for the latest round of U.S. tariffs on Chinese products, as previously planned, but has reduced the level of tariffs that it will collect on the products. The tit-for-tat measures are the latest escalation in an increasingly protracted trade dispute between the world’s two largest economies.
- Investors cut equity exposure this month as they grew more wary that economic growth may slow, but kept a longstanding preference for mega-cap tech stocks, Bank of America (NYSE:BAC) Merrill Lynch’s monthly survey indicated on Tuesday. BAML’s September survey found investors’ outlook on economic growth had worsened significantly, driving them to increase cash holdings.
- High-level Nafta negotiations are set to resume in Washington as the U.S. and Canada push to reach a deal before the next deadline. Canadian Foreign Minister Chrystia Freeland will arrive in the U.S. capital Tuesday and talks with U.S. Trade Representative Robert Lighthizer are due to resume Wednesday, according to four people familiar with the plans who spoke on condition of anonymity. The Canadian dollar climbed on the news, trading 0.4 percent higher at C$1.2990 per U.S. dollar at 9:39 a.m. Toronto time.
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