COMEX GOLD SIGNAL
INTERNATIONAL COMEX NEWS
- Gold prices headed higher on Wednesday as the dollar held steady with news flow over trade at a standstill. At 10:37 AM ET (14:37 GMT), gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose $4.60 or 0.38%, to $1,207.50 a troy ounce. China struck a conciliatory tone on Wednesday, as Premier Li Keqiang told a World Economic Forum conference that such disputes must be resolved through consultation, stating that it was “essential that we uphold the basic principles of multilateralism and free trade”.
- West Texas Intermediate oil was steady in North American trade on Wednesday, as data showed that oil supplies in the U.S. fell less than expected. Crude oil for November delivery on the New York Mercantile Exchange rose 0.83% to trade at $70.17 a barrel by 10:33 AM ET (14:33 GMT), compared to $70.16 ahead of the report. The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 2.057 million barrels in the week ended Sept. 14.
- Mars Wrigley Confectionery launched a new sustainability strategy on Wednesday with the aim of combating deforestation, child labor and poverty in what it called the “broken” cocoa supply chain. U.S.-based Mars, the maker of M&Ms and Snickers, said it had revamped its cocoa strategy in an effort to tackle problems that the company and wider industry had so far failed to address.
- German Finance Minister Olaf Scholz said on Wednesday that euro zone governments should agree this year on next steps for completing their banking union in order to make the single currency bloc resilient for the next crisis. “It would be a big pity if we wouldn’t have established all the instruments necessary when it happens,” Scholz said during a panel discussion on the future of Europe in Berlin.
- The European Commission proposed on Wednesday a foreign policy plan to improve transport, energy and digital infrastructure links with Asia but denied seeking to counter China’s ambitions that have raised suspicion in Western capitals. The plan, which would be backed by additional funds from the EU’s common budget from 2021, private sector loans and development banks, amounts to a strategic response to China’s largesse in much of central Asia and southeastern Europe, where Beijing has invested billions of dollars.
- The euro zone needs a “sizeable” and well designed fiscal instrument to fight crises while avoiding moral hazard by member states, the president of the European Central Bank Mario Draghi said on Wednesday. “First, it should be sizeable, so that it can restore full fiscal stabilization capacity,” Draghi told an audience in Berlin. “And second, it should be properly designed so as to contain moral hazard.”