GOLD TRADING FORECAST TODAY
INTERNATIONAL COMEX NEWS
- Gold prices were driven lower on Tuesday as the U.S. dollar rallied amid Sino-U.S. trade tensions. Comex gold futures for December delivery fell 0.23% to $1,197.10 a troy ounce as of 10:25 AM ET (14:25 GMT). U.S. President Donald Trump threatened on Friday to impose tariffs on almost all Chinese imports, or about $467 billion in goods. Meanwhile, China is planning to ask the WTO for permission to impose sanctions on the U.S., according to a WTO meeting agenda.
- Oil prices rose on Tuesday as U.S. sanctions squeezed Iranian crude exports, tightening global supply despite efforts by Washington to get other producers to increase output. Benchmark Brent crude oil (LCOc1) was up 40 cents at $77.77 a barrel by 0950 GMT. U.S. light crude (CLc1) was up 5 cents at $67.59. "The path of least resistance for oil prices, given the supply fundamentals, remains up," Harry Tchilinguirian, oil strategist at BNP Paribas (PA:BNPP), told Reuters Global Oil Forum.
- "Push the steel mills out of the city center and turn it into a modern, habitable place to live in," reads a banner hung across the boarded-up offices of Guofeng Iron and Steel Co in the center of Tangshan, China's top steelmaking city. Behind the gates of the factory, surrounded by a hospital, a shopping mall and high-rise apartment blocks, workers and bulldozers were busy on a recent visit tearing down furnaces as part of a 38 billion yuan ($5.5 billion) plan to move to a new industrial park 60 kilometers (37 miles) away.
ECONOMY NEWS
- The wrong Brexit deal could cost tens of thousands of jobs, the boss of Britain's biggest carmaker Jaguar Land Rover warned on Tuesday, saying he had no idea whether his plants would be able to operate after Britain leaves the European Union next year. Ralf Speth also said that the company would not be able to build cars if customs checks meant that the motorway to and from the southern English port of Dover, which is used to transport components, becomes a "car park" due to snarl-ups.
- It is an image that became a symbol of the global financial crisis -- about 20 bankers, their backs turned to the window, attending an emergency meeting at the London office of Lehman Brothers as the firm slid toward collapse. Gwion Moore, one of those pictured in the Reuters photograph taken on Sept. 11, 2008, recalled how the growing sense of panic in financial markets contrasted with the mood inside the building at the time. "
- A whistleblower fighting extradition to Switzerland for leaking details of thousands of clients of HSBC's (L:HSBA) private bank there said on Tuesday his actions had played a key role in helping other European countries uncover tax frauds. Spain's High Court is considering Switzerland's second extradition request against Herve Falciani, a French citizen who worked for HSBC, over alleged industrial sabotage in 2008.
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