What will happen? The Organization of the Petroleum Exporting Countries and 10 additional oil-exporting countries, including Russia, will hold a videoconference on July 1…
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.
The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
PMI reports from the EU, the UK, and the USA will be released during the day!