The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2.
Gold heads south in Asia ahead of Fed minutes
On Wednesday, gold slumped because market participants geared for Fed gathering later in the day for more fresh clues on the rate path next year.
December delivery gold futures dived 0.14% in New York being worth 1,279.89 a troy ounce.
Overnight, gold rallied after the US currency went down amid weakness in long-term US yields ahead of the publication of the Fed’s October gathering minutes slated for Wednesday.
Long-term treasury yields were still suppressed, thus putting pressure on the evergreen buck, while spurring demand for gold because market participants waited for the minutes of the Fed October gathering for fresh clues on future monetary policy action.
The overall prospect of a December rate lift happens to be fully priced in, as investing.com’s fed rate monitor tool states.
Traditionally, the number one precious metal is very sensitive to moves lower in the greenback. It’s because a weaker US currency makes gold more affordable for holders of foreign currency.
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…