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 | |
| COMEX 100oz Gold » |
1,199.30USD
|
+0.00
|
0.00% | Sep 18 | 7:01PM EDT | |
| Silver Spot » |
14.23USD
|
+0.01
|
+0.04% | Dec 02 | 1:19AM EDT | |
| Platinum Spot » |
828.50USD
|
+4.50
|
+0.54% | Dec 02 | 1:19AM EDT | |
| Palladium Spot » |
1,059.72USD
|
+0.72
|
+0.07% | Dec 02 | 1:19AM EDT | |
| 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 | |
| ICE Brent Crude » |
81.43 USD
|
+0.23
|
+0.28% | Sep 18 | 12:57AM EDT | |
| NYMEX RBOB Gasoline » |
2.06 USD
|
+0.01
|
+0.34% | Sep 18 | 12:15AM EDT | |
| Dubai Crude Spot » |
79.21 USD
|
+0.06
|
+0.08% | Dec 02 | 1:08AM EDT | |
| ICE Gas Oil » |
706.50 USD
|
+4.75
|
+0.67% | Oct 18 | 12:52AM EDT | |
| NYMEX No2 Heating Oil » |
2.29 USD
|
+0.00
|
+0.17% | Sep 18 | 10:53PM EDT | |
| NYMEX Nat Gas » |
3.05 USD
|
+0.01
|
+0.43% | Sep 18 | 12:50AM EDT | |
| 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 | |
| CBOT Wheat » |
523.00USC
|
-4.00
|
-0.76% | Dec 18 | 1:09AM EDT | |
| KCBT Wheat » |
525.75USC
|
-3.25
|
-0.62% | Dec 18 | 12:23AM EDT | |
| MGE Spring Wheat » |
582.75USC
|
-1.50
|
-0.26% | Dec 18 | 12:45AM EDT | |
| Euronext Milling Wheat » |
203.00EUR
|
+0.00
|
0.00% | Dec 18 | 12:29PM EDT | |
| CBOT Soybeans » |
842.75USC
|
+1.75
|
+0.21% | Nov 18 | 1:07AM EDT |
Stay tuned…
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