COMEX GOLD SIGNAL
INTERNATIONAL COMEX NEWS
- Gold prices dipped below the psychologically important $1,200 level on Thursday, finding little support after the Federal Reserve raised interest rates and indicated that it remains on track to continue monetary tightening into next year. The Fed raised interest rates by a quarter point to 2.25% on Wednesday, its third rate hike this year and its eighth since 2015. In its statement, the Fed said it still foresees another rate hike in December followed by three more in 2019, and one additional increase in 2020.
- Saudi Arabia will quietly add extra oil to the market over the next couple of months to offset a drop in Iranian production but is worried it might need to limit output next year to balance global supply and demand as the United States pumps more crude. The kingdom, OPEC’s top producer, came under renewed pressure last week from U.S. President Donald Trump to cool oil prices ahead of a meeting in Algiers between a number of OPEC ministers and allies including Russia.
- Oil prices were hovering near the $82 a barrel level on Thursday, close to the four year highs reached earlier in the week amid fears of a supply shortage as the U.S. prepares to re-impose sanctions on Iran from Nov. 4. London traded Brent crude futures were up 0.71% to $81.36 a barrel from their last close by 07:51 AM ET (11:51 AM GMT), holding below the high of $82.55 reached Tuesday, the most since November 2014.
- Canada’s Prime Minister Justin Trudeau on Thursday dismissed U.S. President Donald Trump’s criticism of the slow pace of talks to modernize the North American Free Trade Agreement, saying Canadians were tough negotiators. Trudeau spoke a day after Trump blasted Canada’s negotiating position, said he had rejected the Canadian leader’s request for a one-on-one meeting and threatened to impose tariffs on cars imported from Canada.
- EU officials were waiting anxiously on Thursday for the eurosceptic Italian government’s decisions on its deficit targets for next year, which could challenge the bloc’s fiscal rules and further rattle markets. Fearing that public statements from Brussels could inflame the eurosceptic wave in Italy, they have largely preferred to maintain silence, but informally admit “concerns” for its economy and the risk of spillovers into other euro zone countries.
- Financial policymakers need more tools and data to regulate investment funds and other so-called “shadow banks” after a boom in the industry, European Central Bank President Mario Draghi said on Thursday. “The growth in importance of the non-bank financial sector requires commensurate additions to the policy toolkit,” Mario Draghi told an event at the ECB. “Policymakers also need access to – and the ability to process and understand – high-quality data to underpin their decisions.”
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