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 dives in Asia on China downbeat PMI
On Tuesday, gold sank in Asia because China demonstrated a tumble in a key PMI poll, generating questions about demand prospects because non-manufacturing sank too.
December delivery gold futures slumped 0.07% in New York reaching $1,276.78 a troy ounce. As for copper prices, this commodity lost 0.19% being worth $3.103 a pound.
As China informed, the country’s manufacturing PMI for October hit 51.6 versus the anticipated 52.
Overnight, gold managed to rebound from session minimums because the greenback was under pressure after data disclosed inflation kept stuttering amid ascending speculation that President Donald Trump will most likely pick Fed Governor Jerome Powell to substitute current Fed Chair Janet Yellen.
The precious commodity stabilized ahead of the Fed’s two-day policy gathering getting underway on Tuesday after data unveiled that inflation was still subdued. Meanwhile, consumer spending rallied at its fastest rate for more than eight years.
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.