Daily Archives: October 11, 2018

11Oct

COMEX MARKET IN SINGAPORE| GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • Gold prices were largely unchanged on Wednesday, as investors grappled with rising U.S. interest rates, although the metal drew some support from the dollar coming off a seven-week high. Comex gold futures were down 20 cents at $1,191.30 a troy ounce by 10:28AM ET. Meanwhile, spot gold was trading at $1,188.35 per ounce, down $1.50, or 0.1%. Yields on the benchmark 10-year Treasury bond rose to around 3.23%, after reaching a seven-year top of 3.261% a day earlier.
  • Crude prices edged lower on Wednesday, as investors watched Hurricane Michael, which has intensified to Category 4 storm and was barreling down on Florida. Some of the storm’s most significant early impact was to offshore energy production. U.S. producers in the Gulf cut oil production by about 40%, the Bureau of Safety and Environmental Enforcement said, as they evacuated personnel from 75 platforms in the region.
  • The world’s biggest trading houses said on Wednesday they saw oil prices not falling below $65 per barrel and possibly breaking above $100 next year as U.S. sanctions on Iran reduce crude exports from the Islamic republic. The range of views illustrates deep uncertainty among top industry players over the outlook, given the reimposition of sanctions on Iran and forecasts of slowing economies and energy demand in 2019, potentially leading to choppy trading.

ECONOMY NEWS

ECONOMY NEWS

  • The European Union should change its budget rules to make them more effective in bringing down public debts, EU fiscal advisers said in a report on Wednesday, urging the bloc to scrap deficit targets for countries where debt is falling. The publication of the report coincides with a row between Italy and Brussels over the country’s 2019 budget, in which the eurosceptic Italian government plans to flout EU fiscal rules to fulfill electoral promises of government largesse.
  • Despite thousands of jobs set to move to the continent due to Brexit, Britain’s financial services minister said on Wednesday he would do all he can to ensure the City of London remains a major financial center. John Glen told lawmakers that he agreed with Bank of England estimates that 5,000 financial services jobs will have moved to continental Europe by the time Britain is due to leave the European Union next March.
  • Sears Holdings Corp (O:SHLD) is preparing to file for Chapter 11 bankruptcy protection as early as Friday, sources said on Wednesday, casting doubt over the future of what was once the world’s largest retailer. Negotiations between Sears Chief Executive Officer Eddie Lampert and the company’s special board committee are at a standstill over the committee’s refusal to approve Lampert’s rescue plan, the sources said. The committee is concerned it will be opening the company up to litigation, one source said. Sears shares were down 27 percent at 43 cents. The stock, which traded above $100 a decade ago, has fallen to less than $1 in the past year.

11oct5

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