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 to highest value since September as greenback dives
On Wednesday, gold rallied to its strongest value for more than four months, underpinned by a weaker greenback languishing at three-year minimums.
Dollar weakness normally benefits the most popular precious metal because it boosts its appeal as an alternative asset and also makes greenback-priced commodities less expensive for holders of other currencies.
Gold futures tacked on to a session maximum of $1,346.80 a troy ounce, a value not observed since September 8.
Meanwhile, silver futures headed north 1.3% reaching $17.13 a troy ounce.
Market participants are looking ahead to the ECB’s gathering on Thursday for further clues on when the major financial institution is planning to cease its huge economic stimulus program.
As for other metals, palladium gained 0.8% trading at $1,092.40 an ounce, while platinum added 0.5% being worth $1,012.50 an ounce.
March delivery copper futures surged 0.9% hitting $3.139 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 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.
The US CPI will come out on Wednesday, May 11, at 15:30 MT time (GMT+3).