Daily Archives: February 28, 2019
GOLD TRADING FORECAST TODAY
INTERNATIONAL COMEX NEWS
- Venezuelan opposition leader Juan Guaido was to arrive in Brazil on Wednesday night to meet with Brazilian President Jair Bolsonaro as part of a tour of several nations to drum up international pressure on President Nicolas Maduro to step down. Guaido last month invoked constitutional provisions to assume an interim presidency, arguing Maduro’s re- election was fraudulent.
- Oil prices dipped on Thursday, dragged down by China’s weakening economy and record U.S. crude output, although markets remained relatively well supported by supply cuts led by producer club OPEC. International Brent crude futures were at $66.23 per barrel at 0129 GMT, down 16 cents, or 0.2 percent from their last close. U.S. West Texas Intermediate (WTI) crude oil futures were at $56.90 per barrel, down 4 cents from their last settlement.
- The range-bound, tight moves in gold may be reaching an inflection point with the U.S. saying that reaching a trade deal with China isn’t going to be easy. Investors have been using gold as a hedge toward the U.S.-China trade negotiations, extending the yellow metal’s safe-haven play. Gold did not rise as expected on Wednesday as Wall Street’s main indexes fell on U.S. trade representative Robert Lighthizer’s admission that issues with China were “too serious” to be resolved by promises of more purchases of U.S. goods by Beijing.
- Bank of Japan board member Hitoshi Suzuki said on Thursday the country’s financial institutions could see their profits hurt by rising credit costs if the economy slips into recession. “Japan’s banking system remains stable. But we must continue to scrutinize how financial institutions, including regional ones, are doing business and what risks they are taking,” Suzuki said in a speech to business leaders in Mito, eastern Japan.
- Japan’s factory output posted the biggest decline in a year in January in a sign slowing Chinese demand and the Sino- U.S. trade war were taking a toll on the country’s manufacturing sector, a major driver of economic growth. The 3.7 percent fall in output, which closely tracks broader economic growth, was bigger than the median market forecast for a 2.5 percent drop and marked the third straight month of contraction, the data showed on Thursday.
- Mexico’s central bank on Wednesday trimmed its economic growth forecasts for this year and next, while flagging the risk of a sovereign ratings downgrade and warning of persistent inflationary pressures. In a quarterly report, the bank lowered its Mexican growth forecast to between 1.1 percent-2.1 percent for full-year 2019 and 1.7 percent to 2.7 percent for 2020, echoing increasing skepticism among private sector economists on the economic outlook. The bank had previously forecast growth of between 1.7 percent-2.7 percent for 2019, and 2.0 percent-3.0 percent for 2020.
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