24Jan

COMEX MARKET IN MALAYSIA | GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • Venezuela’s state-run oil company PDVSA [PDVSA.UL] said on Tuesday its debt fell 5 percent in 2018 from a year ago to $34.6 billion, though it remains in default on most of its bonds as crude output has slumped to 70-year lows in an economic crisis. PDVSA, which is short for Petróleos de Venezuela, S.A., has not paid interest on most of its bonds since the end of 2017, and together with Venezuela’s government has accumulated nearly $8 billion in late interest payments.
  • Global slowdown fears are growing, but the bigger beneficiary this time seems to be the dollar, not precious metals. Gold prices advanced slightly on Tuesday and those of palladium fell, while the dollar rallied after the International Monetary Fund revised downward its 2019 global growth forecast to 3.5% from October’s 3.7%. Chinese data also showed the lowest annual economic growth in nearly 30 years, while factory orders indicated a further loss in activity and jobs.
  • Oil prices extended falls from the previous session on Wednesday, as concerns of an economic slowdown weighed on markets. U.S. West Texas Intermediate (WTI) crude futures were at $52.74 per barrel at 0024 GMT, down 27 cents, or 0.5 percent from their last settlement.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • As much as U.S. President Donald Trump wants to boost markets through a trade pact with China, he will not soften his position that Beijing must make real structural reforms, including how it handles intellectual property, to reach a deal, advisers say. Offering to buy more American goods is unlikely by itself to overcome an issue that has bedeviled talks between the two countries. Those talks are set to continue when Chinese Vice Premier Liu He visits Washington at the end of January.
  • A partial shutdown of the U.S. government, which enters its second month on Wednesday, has delayed the publication of key economic data, leaving investors and businesses to follow their intuition and gut instincts as they make critical decisions. The shutdown, which affects about a quarter of the federal government, started on Dec. 22 amid demands by President Donald Trump that Congress give him $5.7 billion this year to help build a wall on the country’s border with Mexico. The shutdown is now the longest in U.S. history.
  • The Bank of Japan is set to cut its inflation forecasts and maintain its ultra-loose monetary policy on Wednesday, as pressure on the economy mounts in the face of slowing global demand, dealing another blow to its years-long efforts to foster durable growth. The deteriorating global outlook also means the BOJ is some way off from exiting a sweeping stimulus program begun in 2013, which policymakers have acknowledged will do more harm than good the longer it is retained.

GOLD TRADING FORECAST TODAY

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