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 goes down in Asia ahead of Fed gathering
On Tuesday, gold went down in Asia because the evergreen buck tacked on ahead of the beginning of a two-day FOMC gathering with rates seen intact, although views on inflation are anticipated to influence the market.
February delivery gold futures dived 0.12% in New York being worth $1,338.70 a troy ounce. Meanwhile, the US dollar index inched up 0.01% trading at 89.18.
Overnight, the number one precious metal dived in the wake of a steep ascend in the US currency amid investor hopes that firm economy surge along with faster inflation would back the Fed’s case for a more hawkish approach to monetary policy.
By the way, Goldman Sachs informed that it actually expects the US major financial institution to adopt a bit aggressive slant in its commentary as for inflation and economic conditions, when the Fed publishes its policy statement on Wednesday.
Sentiment for the precious metal is still bullish, although market participants kept increasing their bullish bets that the asset would extend its recent soar.
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.