Gold Flat on Firm USD, China Trade Tensions Continue + Commodities

Gold Flat on Firm USD, China Trade Tensions Continue + Commodities

$GLD, $SLV, $USD, $PLAT, $PALL, $USO, $OIL, $SOY, $CORN, $WEAT

In Asia

Gold was steady Tuesday on US-China trade tensions after $200-B of tariffs came into effect, investors stay on the sidelines ahead of the FOMC policy meeting.

  • Spot gold was barely changed at 1,198.28 oz by 0056 GMT.
  • US gold futures were down 0.2% at 1,202.60 oz.
  • Investors await details from the 2-day FOMC meeting beginning Tuesday, the Fed policy makers are expected to raise benchmark interest rates and shed light on the path for future rate hikes.
  • Higher US interest rates typically pressure gold, since it costs to store and insure, but does not pay interest.
  • The US and China imposed fresh tariffs on each other’s goods as the 2 world’s biggest economies showed no signs of backing down from a trade dispute that may hobble global economic growth.
  • Although gold is generally considered to be a safe-haven asset, the months-long trade rift between Washington and Beijing has instead prompted investors to buy USDs in the belief that the United States has less to lose from the dispute.
  • The US Dollar (.DXY) Index Vs a basket of 6 major currencies edged up 0.1% to 94.254.
  • Speculators increased their net short position in COMEX gold contracts in the week to 18 September, COT’s data showed on Friday.
  • Palladium hit its highest since 27 February at 1,060.70 Monday and was last seen steady at 1,058 oz.
  • India is likely to increase import duties on precious stones, certain types of steel and electronics but will spare gold to prevent smuggling, a finance ministry official said on Monday.
  • Canada’s Barrick Gold Corp has agreed to buy Randgold Resources Ltd in an all-stock deal valuing the Africa-focused miner at $6.5-B, to create the world’s largest gold producer in an industry under investor pressure to put capital to good use.
  • Unidentified assailants on Sunday kidnapped 3 people working at a gold mine run by Ghana-based Balaji in northeastern Burkina Faso, near the border with Mali, a company official told Reuters on Monday.

Metals Futures

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
Gold Spot »
1,199.16USD
+0.68
+0.06% Dec 02 1:19AM EDT XAU=X
COMEX 100oz Gold »
1,199.30USD
+0.00
0.00% Sep 18 7:01PM EDT GCc1
Silver Spot »
14.23USD
+0.01
+0.04% Dec 02 1:19AM EDT XAG=X
Platinum Spot »
828.50USD
+4.50
+0.54% Dec 02 1:19AM EDT XPT=X
Palladium Spot »
1,059.72USD
+0.72
+0.07% Dec 02 1:19AM EDT XPD=X
COMEX Copper »
2.77USD
-0.04
-1.59% Sep 18 9:56PM EDT

 

Energy Futures

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
NYMEX Crude Oil »
72.24 USD
+0.16
+0.22% Oct 18 12:58AM EDT CLc1
ICE Brent Crude »
81.43 USD
+0.23
+0.28% Sep 18 12:57AM EDT LCOc1
NYMEX RBOB Gasoline »
2.06 USD
+0.01
+0.34% Sep 18 12:15AM EDT RBc1
Dubai Crude Spot »
79.21 USD
+0.06
+0.08% Dec 02 1:08AM EDT DUB-1M
ICE Gas Oil »
706.50 USD
+4.75
+0.67% Oct 18 12:52AM EDT LGOc1
NYMEX No2 Heating Oil »
2.29 USD
+0.00
+0.17% Sep 18 10:53PM EDT HOc1
NYMEX Nat Gas »
3.05 USD
+0.01
+0.43% Sep 18 12:50AM EDT NGc1
ICE NBP Nat Gas »
77.71 GBP
+0.00
0.00% Sep 18 7:00PM EDT

 

Agriculture Grains

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
CBOT Corn »
358.50USC
-2.00
-0.56% Dec 18 1:01AM EDT Cc1
CBOT Wheat »
523.00USC
-4.00
-0.76% Dec 18 1:09AM EDT Wc1
KCBT Wheat »
525.75USC
-3.25
-0.62% Dec 18 12:23AM EDT KWc1
MGE Spring Wheat »
582.75USC
-1.50
-0.26% Dec 18 12:45AM EDT 1MWEc1
Euronext Milling Wheat »
203.00EUR
+0.00
0.00% Dec 18 12:29PM EDT BL2c1
CBOT Soybeans »
842.75USC
+1.75
+0.21% Nov 18 1:07AM EDT

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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