GOLD TRADING FORECAST TODAY
INTERNATIONAL COMEX NEWS
- The U.K.’s political and economic problems and a no-confidence vote on Prime Minister Theresa May after her failed Brexit deal vote are keeping alive gold bugs’ hopes of recapturing highs of above $1,300 per ounce, even as China’s attempts to steady its economy tamp down safe havens. Gold futures for February delivery on the Comex division of the New York Mercantile Exchange settled up $5.40, or 0.4%, at $1,293.80 per ounce after reaching a session high of $1,295. Bullion’s spot price rose by $4.21, or 0.3% to 1,293.59 by 1:32 PM ET (18:32 GMT), peaking at $1,295.03 for the day.
- From her red-roofed home near Papua New Guinea’s capital of Port Moresby, Isabelle Dikana Iveiri overlooks a giant plant used by Exxon Mobil Corp (NYSE:XOM) to liquefy billions of dollars’ worth of natural gas before it is shipped to Asian buyers. Dikana Iveiri can also see swaths of muddy shoreline, where mangroves have been felled for firewood by locals who don’t have electricity, gas, or money to buy either.
- Oil prices dipped on Thursday as U.S. crude production quickly approached an unprecedented 12 million barrels per day (bpd) just as worries about weakening demand emerge. U.S. West Texas Intermediate (WTI) crude futures (CLc1) were at $52 per barrel at 0140 GMT, down 31 cents, or 0.6 percent, from their last settlement. International Brent crude oil futures (LCOc1) were down 34 cents, or 0.6 percent, at $60.98 per barrel.
- Neel Kashkari, president of the Federal Reserve Bank of Minneapolis and a critic of the Fed’s recent round of interest rate hikes, on Wednesday said the U.S. central bank is as well positioned now as before the 2007-2009 financial crisis to fight a downturn. Kashkari made the comments in a public debate held by Intelligence Squared U.S. in New York City, in which he and Harvard University professor Jason Furman defended the notion that the financial system is safer than it was 10 years ago.
- With the partial U.S. government shutdown now in its 26th day, House Speaker Nancy Pelosi on Wednesday urged President Donald Trump to reschedule his State of the Union address – a move that could deny him the opportunity to use the pageantry of the speech to attack Democrats in their own chamber over the impasse. With Trump’s address set for Jan. 29, Pelosi wrote him a letter citing security concerns because the Secret Service, which is required to provide security for the address, has not received funding during the dispute.
- The uncertainty over whether the United Kingdom will leave the European Union is not a direct problem for Canada but will hit the global economy, Canadian Finance Minister Bill Morneau said on Wednesday. Morneau, speaking to reporters on the sidelines of a Cabinet retreat, sidestepped questions about whether Canada would seek to negotiate a free trade treaty with Britain if it left the 28-nation EU.
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