Heads up to the release of weekly crude oil inventories at 17:30 MT!
Gold ascends at start of busy trading week
On Monday, gold soared in the beginning of a busy week because market participants looked ahead to major American economic reports to evaluate how it will affect the Fed’s view on monetary policy in the nearer months.
Gold futures tacked on about 0.2% being worth $1,277.04 a troy ounce.
On Friday, the number one precious metal concluded at $13.30, down 1%, although still booked a weekly revenue of nearly 0.4%, thus marking its first weekly ascend for the last four weeks.
Investors will closely watch a few American economic reports, with Wednesday's inflation news in the spotlight, for new clues on the probable trajectory of monetary policy.
Aside from the inflation report, this week's calendar also offers American data on retail sales, building permits, producer prices, housing starts, industrial output and also surveys on manufacturing conditions in the Philadelphia as well as New York regions.
The Fed is expected to hold its final policy gathering of the year on December 12-13. Traders hope for a rate lift at that meeting.
Crude oil inventories will be out at 17:30 MT time
The tweet by Iran's foreign minister increased the possibility of tensions in the region. It pushed the oil prices up.
Did you expect your trading day to be as bullish as today?
Besides the trade optimism, the jobs data supported the Canadian dollar today.
Brexit optimism is driving the pound higher and the second day of trade talks is on the agenda.