The US Payrolls Bring New Hope for Gold
The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).
Crude prices keep to seven-month minimums
On Tuesday, crude markets stood around seven-month minimums because market participants focused on persistent signs of soaring supply, undermining attempts by OPEC as well as other oil producers to underpin prices.
Brent futures grew 4 cents, hitting $46.95. On Monday, these futures lost 1%, settling at $46.91 a barrel.
It turned to be their lowest outcome since November 29, just the day before the Organization of the Petroleum Exporting Countries along with other crude producers agreed to reduce output for six months from January.
American West Texas Intermediate crude futures decreased 1 cent, being worth $44.19 a barrel. These futures dipped 1.2% in the previous session, settling at $44.20 per barrel, which is the lowest outcome since November 14. On Tuesday, the July contract is going to expire and August will turn to be the front-month.
Since May both benchmarks have slumped 15%, when OPEC, Russia along with other crude producers extended by nine months the output cut by 1.8 million barrels a day.
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FED and BOE Make Another Attempt to Beat Inflation
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
