GOLD TRADING FORECAST TODAY
INTERNATIONAL COMEX NEWS
- Gold prices were higher on Monday as the greenback slumped amid trade war tensions and investors waited for the Federal Reserve’s interest rate decision this week. Comex gold futures for December delivery increased 0.36% to $1,205.60 a troy ounce as of 9:29 AM ET (13:29 GMT). The Fed meets on Tuesday and Wednesday, with traders expecting a rate hike for the third time this year.
- Oil prices continued to climb on Monday as an Iranian official said Saudi Arabia and Russia lack the capacity to add more oil to the market. West Texas Crude oil futures for November rose 1.96% to $72.17 a barrel as of 10:49 AM ET (14:49 GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., increased 2.21% to an almost four-year-high of $79.97.
- Saudi Arabia and Russia won’t add significantly more oil to the market because of a lack of capacity, a top Iranian official said on Monday, predicting prices will probably rise further. On Sunday, ministers and officials from the Organization of the Petroleum Exporting Countries plus Russia and other allies ruled out an immediate oil-output boost, in effect rebuffing U.S. President Donald Trump’s calls for action.
- The euro zone should be preparing for a big hit if the protectionist measures announced by the United States and China are implemented, the head of the European Central Bank said on Monday. “For the time being, we don’t know what the final size of all this will, be but we know it’s going to be big and we should do our best to be prepared,” Mario Draghi told the EU Parliament in Brussels.
- President Emmanuel Macron’s government is set to present a series of measures to keep French borders open and transport with the U.K. running as France vows to increase pressure for a Brexit accord. French European Affairs Minister Nathalie Loiseau will present provisions to maintain physical links with the U.K. on Oct. 3 at the weekly cabinet meeting, government spokesman Benjamin Griveaux told reporters in Paris on Monday.
- Argentina will add $3 billion to $5 billion in additional credit to a $50 billion standby deal the country signed with the IMF in June to cover its financing needs, La Nacion newspaper reported on its website on Monday, citing official sources. It was not immediately possible to confirm details of the report. President Mauricio Macri is in New York for the United Nations General Assembly, where he is due to hold talks with foreign investors and meet with U.S. President Donald Trump, the newspaper said.
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