The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2.
Gold goes down in Asia on mild profit-taking
On Wednesday, gold declined in Asia in a bout of mild profit-taking because geopolitical tensions on the Korean peninsula appear off the boil currently, although market participants were cautious with elections ahead in the EU and with an eye on American monetary policy.
In New York, June delivery gold futures sagged 0.28%, trading at $1,290.50 a troy ounce. Besides this, silver futures hit $18.290 a troy ounce, soaring 0.10%, while copper surged 0.12%, being worth $2.533 a pound.
Overnight, gold grew, as market participants piled into safe haven assets amid ongoing uncertainty surrounding the outcome of the French Elections as well as growing geopolitical tensions in North Korea, Syria and Russia.
Gold prices revived from early session minimums, to trade close to five-month peaks, as the flight to safety trade resumed, when UK Prime Minister Theresa May disclosed plans to call an early election.
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
On Tuesday, gold rallied because uncertainty over the latest developments in Britain’s departure from the EU backed safe haven demand and traders looked ahead for American inflation data to underpin the Fed’s pledge to remain on hold…