Comex Gold Signal
INTERNATIONAL COMEX NEWS
- Gold prices rose to the highest levels in two weeks on Thursday as the dollar retreated from four-and-a-half month highs as tame U.S. inflation data indicated that the Federal Reserve will stay on track with gradual rate hikes this year. Gold futures for June delivery on the Comex division of the New York Mercantile Exchange rose $9.10 or 0.69% to $1,322.00 a troy ounce by 09:26 AM ET (13:26 GMT), the highest level since April 25.
- Natural gas futures were higher on Thursday, reaching their strongest levels of the session following the release of weekly storage data. Front-month U.S. natural gas futures jumped 5.3 cents, or around 1.9%, to $2.789 per million British thermal units (btu) by 10:44AM ET (1444GMT). Futures were at around $2.757 prior to the release of the supply data. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 89 billion cubic feet (bcf) in the week ended May 4, compared to forecasts for a gain of 81 bcf.
- Oil prices touched another three-and-a-half-year high on Thursday, as escalating geopolitical tensions in the Middle East cast further uncertainty about supply disruptions from the region. Brent crude futures, the benchmark for oil prices outside the U.S., at one point touched their highest since November 2014 at $78.00 per barrel. It was last at $77.25 barrel by 9:05AM ET (1305GMT), little changed on the day.
- The U.S. has extended a public hearing on the Trump administration’s proposed tariffs on $50 billion of Chinese goods to accommodate everyone who wants to testify, as both governments continue talks on avoiding a trade war. The hearings, initially set for May 15, will continue on May 16 and May 17 to give about 130 companies and industry groups a chance to share their views about the impact of the planned tariffs, according to the U.S. Trade Representative’s Office.
- Mexico’s Economy Minister Ildefonso Guajardo on Thursday said he expected to find out within the next two days if a new NAFTA deal with the United States and Canada was possible in the short term. As time runs out to secure some kind of agreement, major differences remain between the three members of the North American Free Trade Agreement.
- The amount of U.S. commercial paper grew in the week ended May 9 Federal Reserve data showed on Thursday. U.S. seasonally adjusted commercial paper outstanding rose $6.2 billion to $1.059 trillion in the latest week. Non-seasonally adjusted commercial paper outstanding – which some analysts consider a more reliable reading than the seasonally adjusted one since it has been distorted by the financial crisis – rose $2.1 billion to $1.114 trillion.