Gold Comex Signal
INTERNATIONAL COMEX NEWS
- Gold prices edged higher on Wednesday, as investors looked ahead to the outcome of the Federal Reserve’s policy meeting, the last under the leadership of Janet Yellen before she hands the chairmanship over to Jerome Powell. Comex gold futures were up around $7.00, or 0.5%, to $1,342.30 a troy ounce by 3:00AM ET (0800GMT). It fell to a one-week low of $1,332.80 in the last session.
- The delivery of oil and oil products to North Korea should not be reduced, Moscow’s ambassador to Pyongyang was cited as saying by RIA news agency on Wednesday, adding that a total end to deliveries would be interpreted by North Korea as an act of war. The U.N. and United States have introduced a wave of sanctions aimed at curbing North Korea’s development of nuclear weapons, including by seeking to reduce its access tocrude oil and refined petroleum products.
- Oil prices are unlikely to advance much higher than $70 a barrel in 2018, with the market caught between the opposing forces of OPEC-led production cuts and surging U.S. output, a Reuters poll showed on Wednesday. The survey of 34 economists and analysts forecast that Brent crude will average $62.37 a barrel in 2018, up from the $59.88 forecast in the previous monthly poll.
- Global investors trimmed equity holdings by 1.2 percentage points in January, concerned that markets have grown complacent after a thundering bull run and seeing risks of an inflation wake-up call. Reuters’ monthly asset allocation poll of 50 wealth managers and chief investment officers in Europe, the United States, Britain and Japan showed growing caution about equities even as world stock markets (MIWD00000PUS) surged to fresh highs in January after repeatedly smashing records in 2017.
- New U.S. sanctions will follow the publication of a list of Russian billionaires and top Russian officials, Treasury Secretary Steve Mnuchin said on Tuesday. Mnuchin said the “oligarchs list” wasn’t delayed by the Trump administration after it was published late Monday, just as a congressionally mandated deadline was set to expire. While Treasury emphasized that people on the list are not necessarily subject to U.S. sanctions, the report has been denounced by the Russian government, which says it will further hurt relations with the U.S.
- The European Central Bank will not be too hasty in ending its 2.55 trillion euro ($3.17 trillion) bond purchase program as inflation is still not moving decisively toward its target, executive board member Benoit Coeure said on Wednesday. With the euro zone economy booming and employment at record highs, pressure has been building on the bank to curb stimulus as the 19-member currency bloc is close to exhausting its spare capacity.