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 climbs up marginally in Asia on Fed views
On Tuesday, gold gained marginally in Asia on overnight revenues in the greenback, although differing views by Fed policy makers on interest rates generated caution.
In New York, August delivery gold futures added 0.01%, being worth $1,246.87 a troy ounce.
The dollar index managed to gain after new inflation views from a Fed policymaker.
Overnight, the greenback along with American Treasury yields managed to surge, following comments from New York Fed President William Dudley who expects inflation to soar faster, enabling the major US bank to proceed with its tightening monetary policy. On the other hand, Chicago Fed President Charles Evans stressed that the Fed requires moving slowly to lift rates and also trim its portfolio because of soft inflation.
Overnight, gold dropped, suppressed by an uptick in the greenback after positive comments on inflation from the head of the New York Federal Reserve powered hopes for a rate lift in 2017.
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.