Gold Trading Forecast Today | Comex Market in Malaysia

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

• Gold traders will continue to monitor political risks and watch developments in equity markets in the week ahead, after the failure by the U.S. Congress and President Donald Trump to agree to a spending bill by midnight Saturday resulted in a partial U.S. government shutdown. Gold is often sought in times of geopolitical tension or market turbulence. Elsewhere, on the data front, the U.S. will see a relatively quiet week in terms of economic releases, with reports on consumer confidence and the housing sector expected to draw the most attention.
• OPEC and allied oil producers are ready to hold an extraordinary meeting and will do what is needed if the current cut in oil output by 1.2 million barrels per day does not balance the market next year, the United Arab Emirates' energy minister said on Sunday.
• Oil prices dipped on Monday ahead of the Christmas holiday break, adding to last week's steep losses on concerns about a global oversupply. International benchmark Brent crude (LCOc1) futures fell 27 cents, or 0.5 percent, to $53.55 a barrel at 0106 GMT. Brent touched $52.79 on Friday, its lowest since September 2017. U.S. West Texas Intermediate (WTI) crude futures (CLc1) eased 8 cents, or 0.1 percent, to $45.51 a barrel.

ECONOMY NEWS

• U.S. President Donald Trump's Treasury secretary called top U.S. bankers on Sunday amid an ongoing rout on Wall Street and made plans to convene a group of officials known as the "Plunge Protection Team." U.S. stocks have fallen sharply in recent weeks on concerns over slowing economic growth, with the S&P 500 index (SPX) on pace for its biggest percentage decline in December since the Great Depression.
•  China and the United States held a vice ministerial-level call on Friday, the second such contact in a week, achieving a "deep exchange of views" on trade imbalances and the protection of intellectual property, the Chinese Ministry of Commerce said. A statement posted on the ministry's website on Sunday said the two countries "made new progress" on those issues, without specifying further.
• China is considering introducing a new law on foreign investment to replace three existing laws on joint ventures and wholly owned foreign firms, state news agency Xinhua reported on Sunday. A draft law on foreign investment has been submitted to the National People's Congress (NPC) Standing Committee, according to Xinhua. The draft, which could take more than a year to be signed into law, includes policies on promoting and managing foreign investment.

 

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UOB Malaysia sees sturdy fundamentals, higher transparency aiding ringgit

Malaysia's sturdy fundamentals and go toward higher governance and transparency are possibly to supply underlying guide for the ringgit and will help to moderate the currency's volatility.
United Overseas Bank (Malaysia) Bhd expects the ringgit to move in tandem with other Asian currencies amid the unstable external environment and escalating US-China exchange conflict. The government's efforts to construct a more obvious government, the economy's underlying strengths, consistent financial growth, low unemployment and a surplus modern account, will assist aid the ringgit, she stated in a statement.
Goh said UOB Malaysia stays high quality on Malaysia's financial outlook for 2019, notwithstanding expectations for greater exterior risks bobbing up from international trade disputes and heightened market volatility.
This was despite of intensifying trade disputes and policy uncertainty, which can also end result in slower global growth in 2019.
She acknowledged the ongoing US-China change tensions and the quantum of US Federal Reserve activity fee rises will proceed to have an have an effect on on international growth stock market volatility.
"There are no signs of US-China alternate tensions easing. Further protectionist alternate insurance policies will most likely be terrible for world trade, main to larger risks for export-driven Asian economies, which includes Bursa Malaysia, amid weaker growth potentialities and heightened volatility in monetary markets.
"Given these developments, we anticipate the influence of broadening change measures ensuing from the exchange tensions will be felt greater materially in 2019."
Although Malaysia is no longer immune to the international headwinds, she stated the economy would find aid from strong domestic personal consumption and investments.
Goh additionally pointed out the 2019 Malaysia Budget unveil don Nov 2, additionally delivered some high-quality fiscal measures to make stronger purchaser spending, to promote inclusiveness and to raise growth.
She noted personal consumption was once anticipated to be supported by means of higher minimum wages, centered cash useful resource and petrol subsidies. The repayment of tax refunds is additionally in all likelihood to improve cash flows for the personal sector and to motivate domestic spending.
The authorities was once also emphasizing on advancing high value-added sectors such as technology-intensive industries, accelerating the digital transformation of the manufacturing zone through its Industry four initiative, and on centered infrastructure spending.
"These are right steps to make sure that Malaysia stays aggressive in the region and across the world. We challenge actual Gross Domestic Product to amplify 4.8 per cent in 2018 and 2019," she said.
Over the long term, Malaysia's financial system stands to gain from the government's ongoing efforts to enhance transparency and accountability, which will strengthen investor self belief over time.
She expected the u . s . to likely to benefit from regional and multilateral change initiatives that will boost improvement of, trade with and investment in the country and throughout Asean.
These techniques will help decorate the country's resilience towards threat from rising global change protectionism.
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