Daily Archives: September 21, 2018
GOLD TRADING FORECAST TODAY
INTERNATIONAL COMEX NEWS
- Gold prices ticked higher on Thursday, as the dollar slumped, boosting the appeal of the yellow metal. Comex gold futures were up $2.50, or 0.2%, at $1,210.70 a troy ounce by 9:25AM ET (1325GMT). Meanwhile, spot gold was trading at $1,205.87 per ounce, up $1.80, or 0.2%, after rising 0.5% in the previous session. The dollar sank to a more than three-month low against its major rivals in part as safe-haven demand for the U.S. currency ebbed amid continued relief that fresh U.S. and Chinese tariffs on reciprocal imports were less harsh than originally feared.
- Crude prices turned lower on Thursday, after U.S. President Donald Trump took another swipe at global oil producers. U.S. crude was down 0.1% at $70.69 a barrel at 8:25 AM ET (12:25 GMT), pulling back from a ten-week high of $71.34 touched earlier. Meanwhile, global benchmark Brent crude was down by 0.5% at $78.97. Trump tweeted that the Organization of the Petroleum Exporting Countries (OPEC) needs to keep crude prices lower because of the military protection the U.S. provides for the region.
- OPEC and its allies are unlikely to agree an official increase in crude output when they meet in Algeria this weekend, although pressure is mounting on top producers to prevent a spike in oil prices ahead of new U.S. sanctions on Iran, OPEC sources said. OPEC kingpin Saudi Arabia is worried that any sanctions-related spike in oil prices will trigger fresh criticism from U.S. President Donald Trump but is concerned about a lack of spare oil capacity to offset shortages, the sources said.
- The Argentine peso rose 4.43 percent on Thursday, and investors cited optimism that the recession-hit country will strike a new standby financing agreement with the International Monetary Fund aimed at guaranteeing government solvency. The local currency was at 37.7 to the dollar, having lost about half its value this year as investors grew worried about Argentina’s ability to meet its debt obligations next year.
- International Monetary Fund staff and Argentine authorities in the past week have made “important progress” toward new financing arrangements and stronger economic policies that could be considered soon by the IMF’s board, a Fund spokesman said on Thursday. “What I can tell you is that important progress is being made toward strengthening Argentina’s economic policy plans supported by the IMF standby arrangement,” IMF spokesman Gerry Rice told a regular IMF news briefing. “We are working very hard to conclude these staff level talks in short order.”
- Fink, speaking at Yahoo (NASDAQ:AABA) Finance’s second annual “All Markets Summit,” said the United States is currently the dominant force in the trade war because U.S. companies are benefiting from the strong dollar, driving U.S. stocks up, while equities have fallen elsewhere. In the long term, however, trade tensions will hurt the United States as they are leading more non-American companies to China, Fink said.
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