Daily Archives: October 26, 2018
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INTERNATIONAL COMEX NEWS
- OPEC and non-OPEC oil producers, which agreed to relax supply curbs in June, may need to change course because of rising inventories and economic uncertainties, according to a ministerial panel’s findings released on Thursday. The statement might further complicate relations between the Organization of the Petroleum Exporting Countries and the United States, whose President Donald Trump has repeatedly lashed out at the organization saying it is not supplying enough oil.
- Saudi Arabia said it signed $56 billion of deals at an investment conference this week and expected the United States to remain a key business partner despite a partial boycott of the event over the killing of Saudi journalist Jamal Khashoggi. Over two dozen top officials and executives from the United States and Europe, including U.S. Treasury Secretary Steven Mnuchin and chief executives of big banks, canceled their participation in the conference over the killing of Khashoggi inside the Saudi consulate in Istanbul on Oct. 2.
- Gold prices rose to almost three-month highs on Thursday, boosted by increased safe haven demand amid a a selloff equity markets. Gold futures for December delivery rose 0.71% to $1,239.8 per troy ounce at 12:07 AM ET (04:07 GMT) on the Comex division of the New York Mercantile Exchange, not far from a three-month high of $1,242.8 reached on Tuesday.
- The European Central Bank made no changes to its monetary policy in a widely-anticipated decision on Thursday, but left the door open to a possible extension of its asset purchase program as its president, Mario Draghi, insisted in the post-decision press conference that accommodation remained necessary. While holding rates steady at 0%, the ECB also confirmed that its €15 billion ($17.1 billion) in monthly asset purchases was still on track until the end of December, but maintained wording suggesting that it only “anticipates” the program to end at that time.
- The European Central Bank still intends to cap its bond-buying by year-end and leave room for an interest-rate increase late next year, even amid mounting signs that the euro-area economy is wilting under global pressures. The Frankfurt based institution said it will buy 15 billion euros ($17 billion) of bonds a month through December, with a final decision to end the program contingent on incoming information. Policy makers reiterated that interest rates will remain at their present record lows “at least through the summer” of 2019.
- Net foreign exchanges sales by China’s commercial banks rose to their highest in 15 months in September, signaling increased capital outflows as the yuan falls in a slowing economy pressured by a bitter trade war with the United States. China’s commercial banks sold a net $17.6 billion of foreign exchange in September, compared with a net sale of $14.9 billion in August, the foreign exchange regulator showed on Thursday.
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