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 in Asia on solid China GDP and Korean tensions
On Monday, gold surged solidly, as China GDP came in better than expected, while tensions on the Korean peninsula backed demand.
In New York, June delivery gold futures added 0.35%, being worth $1,293.00 a troy ounce. Silver futures rose 0.49%, reaching $18.600, while copper futures inched up 0.62%, trading at $2.583 a pound.
On Monday, China posted that the first quarter GDP soared 1.3% on the quarter compared to the same period of the previous year, ruining expectations for the year comparison. A survey of financial experts states that quarter-on-quarter grew 1.6% and year-on-year GDP rallied 6.8%. In addition to this, China also reported that in March industrial output grew 7.6%, compared to a 6.3% revenue observed and retail sales went up 10.9% against a 9.6% soar seen.
The previous week, gold prices ascended because market participants kept backing the precious metal amid geopolitical worries, while mostly positive economic data failed to suppress sentiment.
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.