Comex Gold Signal
INTERNATIONAL COMEX NEWS
- Gold prices saw little movement in midmorning trade on Monday as worries over global trade seemed to balance out with expectations for a fast-approaching rate hike. At 10:38AM ET (14:38GMT), gold futures for August delivery on the Comex division of the New York Mercantile Exchange edged forward 80 cents, or around 0.1%, to $1,300.10 a troy ounce.
- Oil prices slumped lower on Monday amid worry of U.S. crude production and the possibility of supply increase from the Organization of the Petroleum Exporting Countries and non-OPEC members. Crude oil futures decreased 1.11% to $65.08 a barrel as of 10:33 AM ET (14:33 GMT). Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., slumped 1.9% to $75.95. Prices have been held back by concern that supply will soon outstrip global demand for oil.
- Canada’s cabinet on Monday discussed how to protect the domestic steel and aluminum industry from U.S. tariffs, just hours ahead of a scheduled meeting between Prime Minister Justin Trudeau and domestic industry leaders. U.S. President Donald Trump last week unveiled a 25 percent tariff on Canadian steel and a 10 percent tariff on aluminum, citing national security reasons.
- Protectionist trade measures could hit Mexican economic growth and inflation, Mexico’s central bank governor said in comments published by newspaper Reforma on Monday, in the wake of U.S. import tariffs on Mexico, Canada and the European Union. Mexico now faces new tariffs of 25 percent on steel and 10 percent on aluminum after temporary exemptions expired, prompting Latin America’s second biggest economy to slap tariffs on U.S. products such as pork and cheeses.
- Prime Minister Justin Trudeau this week plays host to a summit of the Group of Seven leading industrialized nations with six of the seven members outraged at the United States over a slew of recent moves by President Donald Trump. This year’s meeting is likely to be overshadowed by Trump’s planned summit with North Korean leader Kim Jong Un, tentatively scheduled for June 12 in Singapore, where Pyongyang’s nuclear program is expected to be discussed.
- France under President Emmanuel Macron has become one of the fastest-reforming countries in Europe but needs to be more detailed on how it will cut public spending, the International Monetary Fund said on Monday in its annual assessment. “With this ambitious pace of reforms, France has now become a reform leader in Europe,” the IMF said in a statement, adding that last year’s easing of the labor code should boost investment, jobs and growth.