COMEX GOLD SIGNAL
INTERNATIONAL COMEX NEWS
- Gold prices fell on Monday, turning lower after reaching their best level in five months on the back of expectations that the Federal Reserve will need to slow its pace of rate hikes next year. Comex gold futures were down $2.10, or almost 0.2%, to $1,250.45 a troy ounce by 8:40AM ET (13:40 GMT), having earlier touched $1,256.60, the most since July 11. Meanwhile, spot gold was trading at $1,245.10 per ounce, down $3.40, or around 0.3%.
- Oil prices slumped on Monday, erasing some of last week’s strong gains from an agreement among major producers to curb output in the coming year, while analysts debated whether the deal is enough to rebalance the market. New Yorktraded West Texas Intermediate crude futures fell 96 cents, or 1.82%, at $51.65 a barrel by 9:02 AM ET (14:02GMT).
- Libya declared a state of force majeure at its largest oil field after an armed group forced a production halt, just days after OPEC exempted the country from global crude output cuts. The shutdown at the Sharara field will result in a production loss of 315,000 barrels a day, the state energy producer National Oil Corp. said on its website. Sharara is operated by a joint venture between the NOC and Total SA (PA:TOTF), Repsol (MC:REP) SA, OMV AG and Equinor ASA, known formerly as Statoil (OL:EQNR) ASA.
- The Governor of the Reserve Bank of India, Urjit Patel, resigned suddenly on Monday, following months of pressure from Prime Minister Narendra Modi’s government that is threatening the independence of the central bank, sending the rupee tumbling. Government officials have been complaining in the past few months that the central bank should allow lenders to make loans more easily, and want the RBI to hand over some of its surplus reserves to help fund the fiscal deficit.
- Bethlehem is enjoying its busiest Christmas season on record, the Palestinian Ministry of Tourism said on Monday, with hotels in the birthplace of Jesus almost fully booked for the holiday. Tourism has recovered following a fall in knife and car-ramming attacks which helped push visitor numbers in the biblical city to a 10-year low in 2015. Bethlehem store owners also said they were benefiting from a surge of visitors to Israel in its 70th anniversary year.
- British Prime Minister Theresa May abruptly decided on Monday to pull a parliamentary vote on her Brexit deal, throwing Britain’s plan to leave the European Union up in the air on the eve of the vote after repeated warnings from lawmakers she faced a rout. While there was no immediate official announcement, a source in Whitehall, the center of British power, said the vote would be delayed, a decision the government could take without having to get the approval of parliament.