Today’s Comex Gold Signal
INTERNATIONAL COMEX NEWS
- Gold prices rebounded on Tuesday, as data showing that U.S. consumer prices cooled in February sent the greenback lower and dampened expectations for aggressive rate hikes by the Federal Reserve. Comex gold futures were up 0.36% at $1,325.6 a troy ounce by 09:00 a.m. ET (13:00 GMT). The dollar weakened after data showed that U.S. consumer prices slowed last month, confirming that an anticipated pickup in inflation will probably be only gradual.
- Crude oil prices turned higher on Tuesday, as investors turned their attention to this week’s U.S. supply reports, although ongoing concerns over U.S. production levels continued to weigh. The U.S. West Texas Intermediate Crude Oil WTI Futures April contract was up 50 cents or about 0.81% at $61.86 a barrel by 03:35 a.m. ET (07:35 GMT), off session lows of $60.80. Elsewhere, Brent oil for May delivery on the ICE Futures Exchange in London advanced 58 cents or about 0.89% to $65.53 a barrel.
- Renewable fuel credits for 2018 slipped on Tuesday after the U.S. Environmental Protection Agency granted a bankrupt Philadelphia refiner significant relief from its biofuel obligations. Prices for renewable fuel (D6) credits for 2018 traded at 35 cents on Tuesday morning, traders said, down from 38.5 cents on Monday and roughly 40 percent lower than just two weeks ago.
- Starting in 2020, banks won’t be allowed to use two interest rate benchmarks that have been discredited by allegations of fraud, a top European Union regulator said, putting pressure on the financial sector to find alternatives fast. The Euro Interbank Offered Rate (Euribor) and Euro Overnight Index Average (Eonia) are used to calibrate monetary policy, price 180 trillion euros ($222.61 trillion) worth of derivatives and, in some countries, to determine interest rates on mortgages.
- There remains a degree of untapped potential in the Canadian economy, particularly in the labor market, that means the country may be able to generate more growth without higher inflation, the head of the Bank of Canada said on Tuesday. While interest rates are likely to move higher over time, the central bank cannot take a mechanical approach as policymakers cannot know in advance how far the capacity-building process can go but have an obligation to let it occur, Bank of Canada Governor Stephen Poloz said.
- China is giving its central bank the power to write the rules for the financial sector, as part of a sweeping overhaul aimed at closing regulatory loopholes and curbing risk in the $43 trillion banking and insurance industries. The China Banking Regulatory Commission and the China Insurance Regulatory Commission will be merged in the biggest industry overhaul since 2003. Some of their functions, including drafting key regulations and prudential oversight, will move to the People’s Bank of China, according to a proposal unveiled Tuesday during the National People’s Congress.