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Daily Comex Commodity Report of 12th January 2018 by Epic Research


Gold prices bounced back on Thursday, erasing earlier losses as the greenback broadly weakened after the release of downbeat U.S. data dampened optimism over the strength of the economy. Comex gold futures were up 0.20% at $1,322.10 a troy ounce by 08:35 a.m. ET (12:35 GMT), off session lows of $1,316.10. The U.S. Department of Labor reported on Thursday that initial jobless claims increased to 261,000 last week, compared to expectations for a drop to 246,000. A separate report showed that the producer price index fell 0.1% last month, confounding expectations for a 0.2% rise. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.39% at 91.76, off session highs of 92.30. Gold is sensitive to moves in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency.

Crude oil prices remained at three-year highs on Thursday, as optimism dominated following news this week of another decline in U.S. crude stockpiles. The U.S. West Texas Intermediate crude February contract was up 85 cents or about 1.34% at $64.42 a barrel by 10:00 a.m. ET (14:00 GMT), the highest since December 2014. Elsewhere, Brent oil for March delivery on the ICE Futures Exchange in London gained 27 cents or about 0.39% to $69.48 a barrel, just off a fresh three-year peak of $69.59 hit earlier in the day. Oil prices were boosted after the U.S. Energy Information Administration said on Wednesday that crude oil inventories fell by 4.9 million barrels in the week ended January 5, compared to analysts' expectations for a decline of 3.9 million barrels. The report also showed that U.S. crude oil production fell by 290,000 barrels per day (bpd) to 9.49 million bpd.

Natural gas futures surged on Thursday, hitting their highest level in a week after data showed the largest withdrawal on record in U.S. supplies in storage. U.S. natural gas futures jumped 9.5 cents, or around 3.3%, to $3.002 per million British thermal units by 10:45AM ET (1545GMT). Futures were at around $3.015 prior to the release of the supply data. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. declined by 359 billion cubic feet (bcf) in the week ended Jan. 5, compared to forecasts for a withdrawal of 318 bcf. That surpassed the record draw of 287 billion cubic feet in the week ended Jan. 10, 2014, Energy Information Administration data showed. Total natural gas in storage currently stands at 2.767 trillion cubic feet (tcf), according to the U.S. Energy Information Administration.


BUY GOLD ABOVE 1325 TGT 1330 1340 SL BELOW 1315
SELL GOLD BELOW 1310 TGT 1305 1295 SL ABOVE 1320

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News Release: Daily Comex Commodity Report of 12th January 2018 by Epic Research
Submitted on: January 12, 2018 04:36:59 AM
Submitted by: EpicResearch
On behalf of: