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 ascends a bit sticking to $1275 on weaker greenback
On Friday, after yesterday's decline to near a three-week minimum, gold seems to have steadied and held with minor revenues through the Asian trading session.
A steep ascend in the American Treasury bond yields, underpinned by mostly in-line core PCE price index, provoked an abrupt dive around the non-yielding commodity.
A fresh wave of the greenback selling bias, powered by renewed worries over the fate of Donald Trump’s proposed tax cuts, gave some support to gold and helped to rebound from dips.
A follow-through USD weakness in addition to a considerable slowdown in China's manufacturing activity gave some extra support to the number one precious metal.
Notwithstanding the supporting factors, resilient American bond yields continued exerting some downward pressure, keeping a lid on any significant up-move for gold.
The US ISM manufacturing PMI along with speeches by influential FOMC member are expected to influence gold’s movement a bit later on the last day of this trading week.
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.