The release of crude oil inventories earlier today showed a surprise increase in the number of barrels.
Gold futures stand still
On Wednesday, gold was nearly intact in Asia notwithstanding an uptick in uncertainty surrounding the China-US trade negotiations. Gloomy global economic data was still in focus.
On the Comex exchange, gold futures hit $1,283.85 being intact for the day.
Evaluating the purchasing power of the American dollar versus its primary rivals the USD index stuck with 95.963 having reached an almost three-week maximum of 96.148 yesterday.
Dismal economic data kept affecting investor sentiment this week. Tuesday’s data disclosed that in December American home sales dived to their lowest value for three years. Besides this, Japanese import and export data disclosed on Wednesday fell short of expectations too, with exports demonstrating the biggest dive for more than two years.
On Tuesday, the 2019 global surge estimate was revised downwards from October's 3.7% to 3.5% by the International Monetary Fund.
It showed up several hours after China’s data indicating the slowest annual economic surge for 30 years. At the same time, factory orders showed a further loss in jobs and activity.
While Tuesday’s risk aversion backed Japan’s currency and the greenback, gold futures were little affected.
The yellow metal often demonstrates high sensitivity to moves in the value of the evergreen buck. For commodities prices in US dollars a stronger evergreen buck appears to be a headwind because it makes them less affordable to those who hold other currencies.
Besides this, China-US trade clashes were still in focus right after the Financial Times informed that the US cabinet rejected a trade meeting with their Chinese colleagues this week.
American equities went down following the report. However, Larry Kudlow, White House Economic Advisor denied that a highly-anticipated meeting had been cancelled and told that except the visit by Liu He, China’s Vice Premier next week any other meeting wasn’t planned at all.
The yellow metal reached the highest levels in 6 years amid the global risk aversion.
The yellow metal could not stay for a long time near the $1,401 level.
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