GOLD TRADING FORECAST TODAY
INTERNATIONAL COMEX NEWS
- Oil prices rose for a fourth day on Wednesday, holding firm despite an industry report showing that U.S. inventories rose unexpectedly last week, with supply cuts and sanctions supporting the market. Brent futures rose 22 cents, or 0.3 percent, to $69.59 a barrel by 0028 GMT, after earlier reaching $69.68, the highest since Nov. 13. The global benchmark closed half a percent higher on Tuesday. U.S. West Texas Intermediate crude rose 6 cents, or 0.1 percent, to $62.64 cents a barrel.
- Crude advanced to the highest this year after a further reduction in supply from OPEC signaled that global markets are tightening. Futures added 1.6 percent to the highest level since November in New York on Tuesday. Declines in OPEC production are stoking optimism among investors as Saudi Arabia pressed on with output curbs and as power blackouts in Venezuela further squeezed supplies.
- The good news for gold bugs is there’s always some news on economic uncertainty out there to keep the yellow metal from collapsing. The bad news is there hasn’t been enough news of economic uncertainty lately to push prices back above the key $1,300 level. Bullion and futures of gold rose on Tuesday as latest U.S. data renewed worries about growth in the world’s largest economy. Spot gold, reflective of trades in bullion, was at $1,291.62 an ounce by 2:42 PM ET (18:42 GMT), up $3.90, or 0.3%.
- Growth in developing Asia could slow for a second straight year in 2019 and lose further momentum in 2020, the Asian Development Bank (ADB) said on Wednesday, warning of rising economic risks from a bitter Sino-U.S.trade war and a potentially disorderly Brexit. Developing Asia, which groups 45 countries in the Asia-Pacific region, is expected to grow 5.7 this year, the ADB said in its Asian Development Outlook report, slowing from a projected 5.9 percent expansion in 2018 and 6.2 percent growth in 2017.
- South Korea’s finance minister said on Wednesday the ministry will submit a supplementary budget of smaller than 9 trillion won ($7.9 billion) in size to the parliament by the end of April. “The size of the extra budget hasn’t been confirmed yet, but I think it would be smaller than the size that the International Monetary Fund (IMF) suggested,” Hong Nam-ki told reporters after a policy meeting in Seoul.
- The U.S. Federal Reserve’s dovish turn has probably delayed the arrival of a key bond market recession indicator to 2020, a bit later than predicted three months ago, according to the latest Reuters poll of bond strategists. Only about one-fifth of those answering an additional question expected the gap between U.S. 2-year and 10-year note yields to invert within the next six months, compared to over one-third in the previous poll.