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 declines due to Thanksgiving Day
On Thursday, gold sagged in holiday-thinned trade, although losses were capped by rumors that the major US bank might not tighten American policy as mawkishly as previously anticipated.
In New York gold futures slumped 0.2% being worth $1,290.13 a troy ounce. Trade volumes were believed to stay light on Thursday, with Comex floor trading unavailable for Thanksgiving. Another trading session was scheduled for Friday.
On Wednesday, the number one precious metal rallied 0.8% because the greenback dived to a four-week minimum after minutes from the Fed’s November gathering hinted that the major bank might not be as hawkish in lifting interest rates in 2018 as anticipated because of the sluggish inflation outlook.
It definitely raises the question of whether the key US financial institution will stick to three planned rate hikes next year or not.
As for other metals, silver futures went down 3% trading at $17.08 a troy ounce. Besides this, platinum decreased 0.4% being worth $936.55. Palladium decreased 0.3% trading at $998.62 an ounce. Copper futures inched down 0.4% hitting $3.127 a pound.
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.