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 gains in Asia ahead of publication of Fed minutes for June gathering
On Wednesday, gold grew ahead of the anticipated publication of Fed minutes from the June gathering expected to give greater insight into the chances for another rate lift in 2017.
Gold futures inched up 0.73% in New York, trading at $1,228.09 troy ounce.
The major precious metal bounced back after Tuesday’s steep dip amid increased geopolitical risk after North Korea told it had successfully tested an intercontinental ballistic missile.
Gold concluded the previous session down 1.47%, showing $1,224.34 an ounce, which is the largest one day percentage sag since June 15. It’s because a stronger greenback and revenues in American equities applied pressure. Monday’s positive American manufacturing data underpinned expectations for another rate lift by the Fed in 2017 and also helped the dollar index to drift away from Friday’s nine-month dip.
Trade volumes were about to stay thin with American markets closed on Tuesday due to the Independence Day holiday.
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.