Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that investors have turned to stocks.
Crude gains in Asia
On Tuesday, oil managed to soar in Asia, ahead of estimates on American inventories expected to demonstrate drops across the board.
In New York, September delivery crude futures rallied 0.21% being worth $47.96 a barrel. Meanwhile, in London Brent futures soared 0.28% trading at $50.87 a barrel.
Market experts actually expect a 3.176 million tumble in crude stocks in America the previous week as well as a 1.527 million sag in gasoline inventories with distillate supplies losing by approximately 620,000 barrels.
Overnight, oil futures settled lower because data revealed that Chinese demand for crude decreased in July, while worries over a leap in Opec output kept putting pressure on market sentiment.
In July, Chinese refineries managed to process up to 10.71 million barrels per day, as National Bureau of Statistics data disclosed, sliding approximately 500,000 bpd from June, thus showing the lowest rate since September 2016.
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
Congratulations! Gold has just opened a new era... or, rather, reopened...
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.