Events in Libya pushed the oil price up. So what's the strategy to benefit from it?
Gold goes down notwithstanding weakening greenback
On Thursday, gold declined notwithstanding a weakening evergreen buck in the face of ebbing trade fears, as market participants waited for economic data later in the trading session and also looked ahead to the Fed’s policy gathering next week.
December delivery gold futures lost 0.06% on the Comex exchange being worth $1,207.60 a troy ounce.
From April’s maximum the most popular precious commodity has slumped due to the fact that a worsening US-China trade conflict as well as soaring American interest rates were referred as catalysts for the selling in the yellow metal.
Reports of the levies slapped by China and America on each other's products set at lower levels than anticipated were referred as a headwind for the evergreen buck considered to be a safe-haven asset.
The evergreen buck was also pressured after a report told that Canada and America won’t probably come to a compromise on NAFTA this week.
On Thursday, weekly jobless claims, economic calendar as well as the Philadelphia Fed manufacturing index for September are going to be uncovered. Apart from that, investors are waiting for August existing home sales.
Market participants looked ahead to the next Fed’s policy verdict to be uncovered on September 26.
Financial markets currently expect the key US bank to have rates lifted by a quarter of a point. At the same time, Fed fund futures price in an extra lift at the end of 2018 at more than an 80% likelihood.
Ascending American interest rates were also referred as headwind for the yellow commodity.
As for other metals, silver futures headed south by 0.04% being worth $14.275 a troy ounce.
Besides this, palladium futures rallied by 0.22% reaching $1,033.10 an ounce. At the same time, silver futures gained 0.10% hitting $822.70.
Copper lost 0.49% being worth $2.716 a pound.
The oil prices experienced significant losses amid the US-Iran tensions at the beginning of the year. What's next?
Iran retaliates, Donald Trump will announce the next step by the US today. Gold flies up to $1,600 per ounce.
The European Central Bank will publish its monetary policy statement and announce the main refinancing rate on January 23 at 14:45 MT time.
Donald Trump spoke at the World Economic Forum in Davos. You have to hear this.
Netflix releases its Q4'2019 earnings report on Tuesday at 13:00 MT (11:00 GMT). Are you ready to trade stock on it?