Comex Gold Signal




  • Gold prices remained under pressure on Wednesday, hovering at one-week lows as the U.S. dollar continued to be supported ahead of the minutes of the Federal Reserve’s latest policy meeting, due to be released later in the day. Comex gold futures were down 0.11% at $1,329.8 a troy ounce by 08:05 a.m. ET (12:05 GMT), the lowest since February 14.
  • Crude oil prices remained lower on Wednesday, weighed by U.S. dollar strength and amid growing caution ahead of this week’s U.S. supply data. The U.S. West Texas Intermediate crude April contract was down 35 cents or about 0.55% at $61.45 a barrel by 10:00 a.m. ET (14:00 GMT). Elsewhere, Brent oil for April delivery on the ICE Futures Exchange in London fell 14 cents or about 0.21% to $65.11 a barrel.
  • Natural gas futures continued higher for the second day in a row on Wednesday, nearing their best level in almost two weeks, amid forecasts for a bump in late-winter heating demand. Front-month U.S. natural gas futures tacked on 3.0 cents, or around 1.2%, to $2.647 per million British thermal units (btu) by 9:15AM ET (1415GMT). It rose to $2.662 in the last session, a level not seen since Feb. 9.


  • Chinese shoppers stepped up spending during this year’s week-long Lunar New Year holiday, splashing out more at restaurants, retailers and cinemas, according to Ministry of Commerce data released on Wednesday. The retail and catering sectors posted sales of 926 billion yuan ($146 billion) during the holiday period that began on Feb. 15 and ended on Wednesday, an increase of 10.2 percent from the year-ago holiday, the ministry said on its website.
  • Bank of England Governor Mark Carney said Wednesday that interest rates are likely to rise three times in the next three years due to “excess demand” in the UK economy. In its February inflation report, the BoE said it is likely to raise interest rates earlier and faster than it had expected in November. Carney said that November’s forecasts were based on a ‘conditioning path’ of two interest rate rises over the forecast period.
  • The U.S. Treasury Department has recommended preserving powers created after the 2007-2009 financial crisis that allow regulators to step in and wind down a failing bank. In a closely watched report published on Wednesday, the administration of Republican President Donald Trump favored keeping the “orderly liquidation authority” (OLA) created by the 2010 Dodd-Frank law, in a win for big banks that had been lobbying to keep it.


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