COMMODITY MARKET IN MALAYSIA| GOLD TRADING FORECAST TODAY
Comex Gold Signal
INTERNATIONAL COMEX NEWS
- Gold prices were modestly higher on Monday but remained near a 6-month low, as worry over trade remained in focus. Comex gold futures for August delivery were up 0.21% to $1,281.20 a troy ounce as of 10:28 AM ET (14:28 GMT). On Friday U.S. President Donald Trump announced a 25% tariff on 818 different Chinese goods worth $34 billion beginning on July 6. China promptly retaliated with a 25% tariff on U.S. goods, including soybeans and automobiles, also worth $34 billion.
- OPEC is discussing a relatively modest production increase before its meeting in Vienna this week, an attempt to bridge the gap between Russia’s push for a big rise and and Iran’s insistence that no change is needed. While a compromise may be necessary to overcome vocal opposition from Tehran, Baghdad and Caracas, it could mean the resulting supply boost is smaller than oil traders — or indeed the U.S. President Donald Trump — had been anticipating.
- Oil prices bounced off two-month lows hit earlier on Monday after reports that the contemplated increase in output by Saudi Arabia and Russia may be less than originally feared. New York-traded West Texas Intermediate crude futures rose 23 cents, or about 0.3%, to $65.08 a barrel by 10:33AM ET (14:33GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., was last up $1.09, or 1.5%, to $74.53.
- Most government bond yields in the euro zone were steady to a touch lower on Monday, capped by the European Central Bank’s signaling last week that it will keep interest rates low well beyond the end of its stimulus scheme. Fears that a trade spat between the world’s two largest economies could escalate also boosted sentiment toward the bloc’s safehaven debt. Still, trade was generally subdued with focus turning to a three-day ECB forum in Sintra, Portugal opening on Monday.
- Nearly 70 percent of public sector investors plan to raise their exposure to infrastructure over the next 1-2 years, equating to potentially an extra $130 billion invested, a survey showed on Monday. The survey by the Official Monetary and Financial Institutions Forum (OMFIF) and BNY Mellon polled sovereign wealth funds and public pension funds with combined assets under management of almost $4.6 trillion. That is about 20 percent of the $22.9 trillion held by sovereign and pension funds globally.
- Now is the right time to pressure China on its trade policies because the U.S. economy is strong enough to absorb uncertainty arising from bilateral tensions, White House Council of Economic Advisers Chairman Kevin Hassett said Monday. Hassett spoke three days after President Donald Trump vowed to impose tariffs on at least $50 billion in Chinese goods amid failed trade negotiations with Beijing.
© Copyright 2013, All Rights Reserved, Epic Research Pvt. Ltd.