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 as US dollar index dives further
On Thursday, gold tacked on in Asia after an initial tiny revenue in the US dollar index was reversed and also favored purchasing of the dollar-denominated commodity with market participants still pondering over an evident switch in the American strong dollar policy by Steven Mnuchin, the US Treasury Secretary.
February delivery gold futures inched up 0.19% being worth $1,358.90 a troy ounce.
As for the US dollar index, it went down 0.06% rolling out a reading of 88.97.
On Thursday, in Davos Mnuchin will have an opportunity to give out a plausible clarification on a change from a long-standing firm dollar policy to a fresh approach.
Overnight, gold added abruptly underpinned by a tumble in the evergreen buck, while soaring fears of a US-China trade conflict powered a moderate leap in safe-haven demand.
The US currency was heavily pressured diving almost 1%, spurring demand for gold, right after Treasury Secretary Steven Mnuchin indicated his endorsement of a low greenback.
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 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.
The US PPI will come out on Thursday, May 12, at 15:30 MT time.