According to yesterday’s news OPEC is considering further production cuts. The next meeting of oil-producing countries is scheduled for December 5-6. The announcement pushed the oil prices up yesterday.
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.
The remarks by Nigel Farage during the Brexit party's election event have sent the British pound higher…
The Reserve bank of New Zealand will release the monetary policy statement and its interest rate at 3:00 MT on November 13.
A calm trading session with the US-China trade updates in focus