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 as traders note UN Security Council rap of North Korea
On Wednesday, gold declined moderately in Asia, just a day after it jumped on a North Korean missile launch over Japan with market participants braced for reacting anew to fresh provocations right after the United Nations Security Council dared to have Pyongyang condemned for intensifying its weapons programs.
December delivery gold futures tumbled 0.04% in New York being worth $1,318.33 a troy ounce.
Overnight, the precious commodity remained underpinned notwithstanding easing from almost 11-month maximums on Tuesday because the evergreen buck pared some of its losses, although geopolitical uncertainty restricted downside momentum.
Gold ascended more than 1% to a nearly 11-month maximum of $1,331.18 because on Monday North Korea launched a missile, which passed over Japan, thus triggering a flight-to-safety among market participants, raising demand for safe haven assets, including gold.
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.