GOLD TRADING FORECAST TODAY
INTERNATIONAL COMEX NEWS
- Gold prices inched up on Monday as worries over corporate earnings weighed on Asian equities. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange inched up 0.02% at $1,236.0 a troy ounce by 1:50 AM ET (05:50 GMT.
- Shortly after U.S. President Donald Trump announced in May he would reimpose sanctions on Iran, the State Department began telling countries around the world the clock was ticking for them to cut oil purchases from the Islamic Republic to zero. The strategy is meant to cripple Iran’s oil-dependent economy and force Tehran to quash not only its nuclear ambitions, but this time, its ballistic missile program and its influence in Syria.
- Oil prices headed lower to start off the week, as traders continued to fret over worries of oversupply. New Yorktraded West Texas Intermediate crude futures fell 37 cents, or 0.55%, at $67.22 a barrel by 9:34 AM ET (13:34 GMT), adding to last week’s 2.2% drop, which was its third-straight weekly decline. Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., traded down 26 cents, or 0.33%, to $77.36, following a weekly fall of 2.7%. After last week’s sharp decline, data from Baker Hughes showed on Friday that U.S. drilling activity continued to climb.
- The United States said on Monday it was “deeply disappointed” the European Union was pressing ahead with litigation over U.S. and aluminum tariffs at the World Trade Organization, and urged EU member states to consider carefully their broader interests. U.S. Ambassador Dennis Shea also told a WTO meeting that going ahead with hearings on disputes about U.S. tariffs would undermine the viability of the WTO, according to a transcript of his remarks seen by Reuters.
- Italy’s economy minister is studying possible measures to support the country’s banks if needed, a government source said on Monday, in a sign of concern within the ruling coalition over the impact of rising debt yields on lenders. Italian banks, which hold about 375 billion euros ($426 billion) of Italian government bonds, have been hit by a jump in sovereign borrowing costs triggered by market fears over the coalition’s big-spending budget plans.
- Three times a week, hundreds of Chinese investors arrive at Athens airport to be greeted by Greek real estate agents who drive them straight into the city to view apartments for sale. The visitors are drawn to Greece by rock-bottom property prices and one of Europe’s most generous “golden visa” schemes, offering a renewable five-year resident’s permit in return for a 250,000 euro ($285,000)investment in real estate. That’s enough to buy a three-bedroom apartment in the capital with a view to the Acropolis hill.
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