Daily Archives: October 24, 2018
GOLD TRADING FORECAST TODAY
INTERNATIONAL COMEX NEWS
- Gold prices rallied to a three-month high on Tuesday, as a slew of geopolitical and economic concerns soured sentiment, prompting investors to flock to safe-haven assets. Comex gold futures were up $19.50, or about 1.6%, at $1,240.80 a troy ounce by 8:40 AM ET (1240 GMT), the highest level since July 17. Meanwhile, spot gold was trading at $1,238.04 per ounce, up $15.90, or roughly 1.3%.
- Oil prices fell to their lowest level in more than five weeks on Tuesday, as investors looked ahead to the release of fresh weekly data on U.S. commercial crude inventories. The American Petroleum Institute is due to release its weekly report for the week ended Oct. 19 at 4:30 PM ET (2030 GMT), amid expectations of an increase of about 3.5 million barrels. If confirmed, it would be the fifth-straight weekly climb in domestic crude supplies. The Energy Information Administration’s more-closely-followed report will be released Wednesday.
- Oil prices fell on Tuesday after Saudi Arabia said it could supply more crude quickly if needed, reassuring investors ahead of U.S. sanctions on Iran’s crude exports that start next month. Benchmark Brent crude oil (LCOc1) fell $1.51 a barrel to a low of $78.32, down 1.9 percent and below its 50-day moving average for the first time in two months, before recovering a little to around $78.35 by 1050 GMT. U.S.
- The European Commission rejected on Tuesday Italy’s draft 2019 budget because the plan breaks EU rules in an “unprecedented” way and asked Rome to submit a new one within three weeks or it would face disciplinary action. The decision by the European Union executive arm is the first time it exercises the power, obtained during the sovereign debt crisis in 2013, to send back a budget of a euro zone country that violates the rules.
- Italian Prime Minister Giuseppe Conte insisted his government has no “Plan B” to change its budget, despite the skeptical responses of the European Commission and investors. Conte said in a Bloomberg News interview that he was looking forward to talking with European commissioners and explaining the 2019 budget to them. He suggested that Italy has some leeway to tweak aspects of the plan, and not actual spending. But if he is asked to change the substance, “it will be difficult for me because I cannot accept that.”
- Saudi Arabia brushed off an outcry over the killing of journalist Jamal Khashoggi and went ahead on Tuesday with an investment conference boycotted by Western political figures, leading international bankers and company executives. Speaking at the opening session, prominent Saudi businesswoman Lubna Olayan said the killing of the Washington Post columnist was “alien to our culture” and voiced confidence that the kingdom will “emerge stronger”.
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