This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?
Gold adds in Asia ahead of PMI outcome for demand trends
On Monday, gold rallied in Asia as market participants eyed demand prospects in China along with July’s figures from official manufacturing ad PMI estimates.
August delivery gold futures added 0.10% in New York, reaching $1,269.61 a troy ounce. For the previous week the leading precious commodity has gained 1.08%, thus demonstrating its third consecutive weekly revenue.
PMI is supposed to demonstrate a level of 51.6, which is a sag from June’s 51.7, with an outcome of 54.9 for the services PMI in the previous month.
The previous week, on Friday, gold grew to one-and-a-half month maximums because sluggish inflation data tempered hopes that the Fed will increase interest rates again in 2017, thus backing demand for the precious commodity.
The greenback sank broadly after wage surge and inflation were still tepid for the three months to June. It was partly compensated by the report telling that American economic surge managed to accelerate during the second quarter.
US Energy Information Administration will reveal Crude oil inventories on February 9, 17:30 GMT+2.
On Wednesday, February 2, during the day, members of the Organization of Petroleum Exporting Countries (OPEC) and Joint Ministerial Monitoring Committee (JMMC) will discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.