The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2.
Gold goes up on Fed views in Asia
On Tuesday, gold prices soared in Asia in light trade with market participants cautious ahead of a widely expected Fed rate lift in June as well as prospects for a stronger greenback.
In New York, June delivery gold futures added 0.14%, trading at $1,228.78 a troy ounce.
Overnight, the number one precious metal stood still because traders ditched safe-haven assets, right after Emmanuel Macron grasped a landslide victory over Marine Le Pen in Sunday’s runoff vote.
Gold futures actually struggled to hold onto revenues because demand for safe-haven assets relieved, after centrist Emmanuel Macron outperformed his counterpart, gaining up to 66% of the French vote on Sunday.
The greenback managed to advance to session peaks and applied pressure on dollar-denominated gold, though downside momentum in gold was capped because a Macron win was highly anticipated, after he held a considerable lead over Marine Le Pen in the surveys during the buildup to the runoff vote on Sunday.
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…