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 edges up as traders look to American nonfarm payrolls
On Friday, gold tacked on in Asia, with American nonfarm payrolls crucial for the number one precious metal and an outcome of 190,000 new jobs generated in December anticipated today.
February delivery gold futures inched up 0.12% in New York being worth $1,323.20 a troy ounce.
Overnight, gold moved off session minimums neglecting the prospect of further Fed rate lifts amid positive labor market data pointing to recovering strength in the American economy.
The recent soar in gold futures was pressured amid investor worries that ongoing positive American economic data could justify the case for the major US bank to lift interest rates more than previous priced in.
Private payrolls tacked on by 250,000 for December, an abrupt soar from the 185,000 private jobs generated in the previous month, as a report published on Wednesday by ADP and Moody's Analytics revealed. It confounded economists’ estimate of 191,000.
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.