Crude's prices fall on the inventories' release
The release of crude oil inventories earlier today showed a surprise increase in the number of barrels.
Gold heads south on tumbling greenback
On Monday, gold declined notwithstanding a lower American currency because data underpinned hopes for a Fed interest rate lift.
As a matter of fact, August delivery gold futures managed to go down approximately 0.15% being worth $1,239.30 a troy ounce.
Gold was suppressed by economic data that points to a soar in Federal Reserve interest rates. In addition to this, retail sales ascended by 0.5% for the fifth consecutive month, as the US Commerce Department informed.
The key US financial institution had interest rates lifted twice in 2018. Moreover, the major American bank is anticipated to lift interest rates at least once more before the end of 2018. Higher rates appear to be a negative factor for gold due to the fact that the number one precious metal that doesn’t pay interest is unable to got on a part with yield-bearing assets when rates go up.
Market participants were also paying much attention to any news of the historical meeting between Russian leader Vladimir Putin and US President Donald Trump. Both leaders are going to discuss a number of crucial issues during their one-on-one gathering in Helsinki on Monday.
Besides this, the evergreen buck inched down. As a rule, gold edges up, when the evergreen buck heads south. It can be explained by the fact that the most popular precious metal is denominated in the greenback. Therefore, it’s extremely sensitive to any fluctuations in the US currency.
Evaluating the US currency’s purchasing power against several crucial counterparts, the USD index declined 0.14% trading at 94.00.
The most popular precious metal becomes less affordable for those folks who hold other currencies, when the evergreen buck goes up. Accordingly, it becomes cheaper when the greenback inches down.
Silver futures dived 0.13% trading at $15.795 a troy ounce.
Similar
The price for gold has tested the levels above $1,500
The yellow metal reached the highest levels in 6 years amid the global risk aversion.
Gold is rising
The yellow metal could not stay for a long time near the $1,401 level.
Latest news
Bitcoin dives 14%, slumping below $5,000
On Tuesday, crypto assets dived, with Bitcoin decreasing below the psychologically crucial $5,000 mark for the first time this year…
British inflation tacks on for the first time this year
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…
Market updates on June 18
Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.
Deposit with your local payment systems
