COMEX GOLD SIGNAL
INTERNATIONAL COMEX NEWS
- Gold prices traded lower while the dollar was little changed ahead of the U.S. July job reports due later in the day. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange fell by $4.0, or 0.33%, to $1,216.10 a troy ounce by 1:40AM ET . The dollar was little changed as traders await the monthly jobs report for more cues. The U.S. Dollar Index, which tracks the greenback against a basket of other currencies, was down 0.01% to 94.99 on Friday.
- Oil prices were mixed on Friday after strong gains in the previous session on reports that crude supplies fell at a domestic delivery hub at Cushing, Oklahoma. Crude Oil WTI Futures for September delivery climbed 0.15% to $69.06 per barrel at 1:30AM ET , while Brent Oil Futures for October delivery were down 0.08% to $73.39 for one barrel.
- Metal prices traded mostly lower, pressured by a rising dollar and escalating U.S.-China trade tensions as the White House sought tougher sanctions on Beijing. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange fell by $7.10, or 0.58%, to $1,220.50 a troy ounce, just above session lows of $1,228.90. U.S. President Donald Trump proposed a higher 25% tariff on $200 billion worth of Chinese imports, his administration said on Wednesday, raising fears of an escalating trade-war between the world’s two largest economies, which could hurt global growth.
- Although July’s nonfarm payrolls fell short of consensus, the data continue to paint a picture of a solid labor market poised for strong job creation that will likely keep the Federal Reserve on track for two more rate hikes this year as part of its plan to “gradually” tighten monetary policy. “The U.S. economy’s powerful job creation engine continues as revisions to prior months, together with 157,000 new jobs in July, take the three-month average to over 220,000 and unemployment falls to 3.9%,” Allianz Chief Economic Adviser Mohamed El-Erian commented after the release.
- China on Friday announced retaliatory tariffs on $60 billion worth of U.S. goods ranging from liquefied natural gas (LNG) to some aircraft and warned of further measures, signaling that it won’t back down in a protracted trade war with Washington. China’s finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, ranging from 5 to 25 percent. Timing will depend on the actions of the United States, the Chinese Commerce Ministry said in a separate statement.
- A selloff in big U.S. tech shares wasn’t enough to pull money away from the sector, Bank of America Merrill Lynch (NYSE:BAC) strategists said on Friday, but U.S. large-cap stocks suffered outflows as investors grew more cautious about an aging bull market. Overall investors shed risky assets this week, pulling $2 billion from equity funds and plowing $2.2 billion into bond funds, the strategists said, citing flows data from EPFR.
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