COMMODITY MARKET IN MALAYSIA| GOLD TRADING FORECAST TODAY
Gold Trading Forecast Today
INTERNATIONAL COMEX NEWS
- Gold prices were steady at a six-month low on Wednesday, as the greenback rose and trade tensions waned. Comex gold futures for August delivery were down 0.20% to $1,276.10 a troy ounce as of 10:38 AM ET (14:38 GMT). Trade tensions between the U.S. and China eased but still remained on the back of investors minds, as the two largest economies in the world faced a tit-for-tat over trade tariffs.
- Crude prices extended gains on Wednesday, after data showed that U.S. oil stockpiles fell much more than expected last week. U.S. benchmark oil, August West Texas Intermediate crude was up 98 cents, or roughly 1.5%, at $65.86 a barrel on the New York Mercantile Exchange by 10:35AM ET (1435GMT). Prices were at around $65.64 prior to the release of the inventory data.
- OPEC officials meeting in Vienna raced to salvage an oil-production deal on Wednesday after Iran said it was likely to reject any agreement that raised output from the group. With two days before OPEC ministers formally meet in Vienna to decide on policy, delegates were in closed-door talks to find a way to boost production and ease consumer anxiety about high oil prices. Making his first comments after arriving in Vienna, Saudi Oil Minister Khalid Al-Falih said “of course” there’ll be a deal this week.
- Germany and France have agreed a joint proposal for corporate tax harmonization among EU member states to fight tax avoidance and level the playing field for companies doing business in the bloc, the German Finance Ministry said on Wednesday. Finance Minister Olaf Scholz and French counterpart Bruno Le Maire nailed down a deal that is meant to facilitate discussions with other member states and enable the swift adoption of a European Union directive, the ministry said.
- A ‘deflationary mindset’ that has taken hold in Japan will take time to dispel, the country’s central bank governor Haruhiko Kuroda said on Wednesday. “The deflationary mindset that has become entrenched amongst people is quite tenacious and it will take time to completely dispel this mindset,” Kuroda told a European Central Bank conference in the Portuguese town of Sintra.
- Central banks around the world may need to accept that inflation will be lower than their targets for some time, since pushing up price growth is risky and comes with questionable side-effects, Reserve Bank of Australia Governor Philip Lowe said.”That leaves us with the possibility of accepting that inflation might just a bit lower than we’d like for a while,” Lowe told a central banking conference in Sintra, Portugal, on Wednesday. “That’s difficult for the central bank to accept.”
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