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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.
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?
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 US Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.
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