Daily Archives: October 19, 2018

19Oct

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 flat on Thursday as investors paused to digest the latest meeting minutes from the Federal Reserve. Comex gold futures for December delivery inched up 0.06% to $1,228.10 a troy ounce as of 8:02 AM ET (12:02 GMT). The hawkish Fed minutes showed that while the central bank had some doubts about the economy, it still planned to gradually increase interest rates in December and beyond
  • Turkey’s top refiner, Tupras, is in talks with U.S. officials to obtain a waiver allowing it to keep buying Iranian oil after Washington reinstates sanctions on the Islamic Republic’s energy sector in November, industry sources said. The United States is preparing to impose the new sanctions on Iran’s oil industry after Washington withdrew from a nuclear deal between Tehran and other global powers earlier this year, but is also considering offering waivers to some allies that rely on Iranian supplies.
  • Oil prices continued the downward trend for a second session on Thursday after data released a day earlier showed an unexpectedly strong build in U.S. crude stockpiles, while geopolitical tensions, the upcoming deadline for U.S. sanctions on Iran and continuing concern over production have all been factors involved in recent market volatility.

19oct4

ECONOMY NEWS

  • Italy’s Prime Minister defended the country’s “beautiful” 2019 budget on Thursday, saying he had expected Brussels to criticize it as European authorities stepped up pressure for changes to a draft that breaches the bloc’s fiscal rules. Giuseppe Conte also denied a rift over the fiscal plan within his governing coalition, after reports of a spat over tax revenues. The draft, signed off by Italy’s cabinet on Monday, will hike the deficit at a time when under EU regulations it should be narrowing, as well as boosting welfare spending and cutting the retirement age.
  • Italy’s successful bond exchange gives it some breathing room. The deal will cut the amount of debt the country needs to refinance in 2020 and give it more time to repay its borrowings. On Thursday, the Treasury switched a larger-than expected 3.8 billion euros ($4.4 billion) of inflation-linked paper maturing in April 2020 for five longer-dated bonds with maturities of roughly seven, 10 and 28 years.
  •  The European Central Bank could start raising interest rates about a year from now if the euro-area economy develops as policy makers currently expect, Governing Council member Olli Rehn said on Thursday. Speaking a week before the next policy meeting, Rehn told a Finnish radio station that financial markets seem well-aligned with the central bank’s guidance, which foresees borrowing costs staying at record low levels through the summer of 2019.

GOLD TRADING FORECAST TODAY

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