GOLD TRADING FORECAST TODAY
INTERNATIONAL COMEX NEWS
- The United States still aims to cut Iran’s oil sales to zero and does not expect restored oil sanctions against Tehran to have a negative impact on a market that is well-supplied and balanced, a senior U.S. official said on Monday. U.S. special envoy for Iran Brian Hook was talking to reporters after a visit to India, a major importer of Iranian oil, and talks with officials from France, Britain and Germany before the start of a new round of U.S. sanctions on Nov. 4 targeting Iran’s energy sector and financial transactions.
- Oil prices steadied on Monday as tension over the disappearance of a prominent Saudi journalist stoked supply worries, balancing concerns over the long-term demand outlook. Benchmark Brent crude oil jumped by $1.49 a barrel to a high of $81.92 before giving up its gains to trade around $80.38, down 5 cents, by 1345 GMT. U.S. crude was down 5 cents at $71.29.
- Gold prices surged around 1% on Monday to reach the highest level in three months as a combination of concerns over rising U.S. yields and the impact of trade conflict, along with geopolitical risks and a weaker dollar, underpinned demand for the precious metal. December gold futures were up $13.00 or 1.06% to $1,234.90 by 08:36 AM ET (12:36 GMT) on the Comex division of the New York Mercantile Exchange after rising as high as $1,236.90 earlier, the most since mid-July.
- When people over the age of 50 get divorced, retirement accounts become a key asset, even more so sometimes than the house or alimony. Lawyers and feuding couples are bracing for big changes at the end of 2018 for how these assets get split up. While most of the tax law changes that were signed at the end of 2017 are in effect for the current tax year, the divorce disruption does not kick in until Jan. 1, 2019.
- North and South Korea agreed on Monday to begin reconnecting rail and road links, another step in an improving relationship that has raised U.S. concern about the possible undermining of its bid to press the North to give up its nuclear program. The agreement on transport links came during talks in the border village of Panmunjom aimed at following up on the third summit this year between South Korea’s President Moon Jae-in and North Korean leader Kim Jong Un, last month.
- Labor unrest is on the rise at two centers in India where motorcycles and components are manufactured, underlining the problems Prime Minister Narendra Modi’s government faces in creating new manufacturing jobs that are sustainable and pay attractive wages. Motorbike makers, such as Japan’s Yamaha (T:7272), and India’s Eicher Motors(NS:EICH) – maker of the iconic Royal Enfield motorcycles – have been hit hard by walkouts, although major carmakers have been largely unscathed.
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