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On Thursday, gold slumped, hitting its lowest value for a month because the evergreen buck inched up underpinned by hopes for more American interest rate lifts in 2018.
The number one precious metal has always demonstrated high sensitivity to growing American interest rates because they have the opportunity cost of keeping non-yielding bullion lifted, simultaneously spurring the US currency, in which it’s denominated.
A stronger American currency normally puts pressure on gold because it affects the commodity’s appeal as an alternative safe-haven and makes greenback-priced commodities more costly for holders of other currencies.
Comex gold futures went down to a session minimum of $1,311.70 per troy ounce. That’s the worst value observed since January 10. Last it traded at $1,314.10, losing 0.1%.
On Wednesday, gold futures concluded lower for a fourth-straight trading session. It’s because the US dollar index along with Treasury yields managed to rally, thus diminishing demand for gold.
On Thursday, the greenback's uptick kept unrolling in early trade. Versus a basket of six main counterparts, the American currency turned to be a bit higher sticking to 90.25, which is its highest value for two weeks. Additionally, the revenue on the 10-year Treasury note kept to 2.82%.
The ascend in the profits also came amidst reports that American Senate leaders finally reached a two-year budget pact to have government spending lifted by nearly $300 billion.
Besides this, focus remained on American equities that could be blamed for causing the latest turbulence in financial markets around the globe.
Unless the market dip steps up, affecting the economy, the key US bank won’t probably budge from its initiative to lift borrowing costs up to three times in 2018, as some financial experts told.
As for other metals, silver grew 0.4% hitting $16.30 a troy ounce, palladium dived 0.8% reaching $976.60 an ounce, while platinum decreased 0.3% demonstrating $978.80.
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 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.
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
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