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On Monday, the yellow metal concluding up, giving up earlier losses due to the fact that market participants reacted to a dive in stocks after US leader ruined perceived progress on trade negotiations by threatening to lift levies soon on China.
The yellow metal has rebounded with steep market dives as a response to the fact that US-China tariff talks suddenly froze. In fact, tariff threats worry market participants because metals are in line to suffer, while anti-inflationary aspects of retaliations along with higher costs for producers impact nearly all products.
June delivery gold futures managed to surge by 0.2% concluding the trading session at $1,283.80 an ounce, having recorded a minimum of $1,278.10. Eventually, on Friday, the contract inched up by 0.7% reaching $1,281.30, paring the previous week’s dive to 0.6%.
In addition to this, gold stocks managed to rally by 0.3%. As for the iShares Silver Trust SLV stocks gained by 0.1%. Besides this, the VanEck Vectors Gold Miners ETF GDX ascended by almost 0.4%.
Besides this, July delivery silver futures SIN9 declined by 0.3% being worth $14.927 an ounce, having lost 0.7% the previous week.
Market participants clang to safe-haven assets, including the Japanese yen. The currency pair USD/JPY gained ground versus the evergreen buck, after several tweets from US leader on Sunday demonstrated impatience with the progress of China-US trade negotiations. US President told he’d lift levies on $200 billion of Chinese exports by Friday from 10% to 25%.
The USD index was nearly intact, demonstrating an outcome of 97.493.
Besides this, China shares SHCOMP inched down by 5.6%, demonstrating their worst one-day performance since 2016.
Additionally, copper futures jumped by 0.4% being worth $2.830 a pound.
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?
For a long time, traders considered American Non-farm Payrolls (NFP) the most important release in the market. However, the situation has changed. Now US CPI moves financial markets.
United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on November 5, 14:30 GMT+2.
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
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