Gold heads south in Asia after NKorea test

Gold heads south in Asia after NKorea test

On Wednesday, gold sank in Asia, as market participants noted political risk from the recent launch of a medium-range ballistic missile by North Korea ahead of a summit between Chinese President Xi Jinping and US President Donald Trump this week that will focus on the Korean peninsula in addition to trade. Moreover, traders also looked ahead to jobs figures from ADP for fresh clues on the next Fed rate lift.

In New York, April delivery gold futures sagged 0.05%, getting to $1,257.75 a troy ounce. Aside from that, silver futures dipped 0.16%, trading at $18.2933 a troy ounce. Meanwhile, copper futures tumbled to 2.616 a pound.

Overnight, gold kept to one-week peaks notwithstanding a jump in the greenback after the publication of bullish American trade data.

Gold kept trading within a narrow range with upside bias throughout the trading session, though a firmer greenback capped momentum in the number one precious metal, after bullish trade data revealed that the American trade deficit dipped more than expected in February.



Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

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?

Will oil change the trend after OPEC-JMMC meetings?
Will oil change the trend after OPEC-JMMC meetings?

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.

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