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?
Gold heads south, while still underpinned
On Friday, gold decreased because traders locked in revenues from the number one precious metal’s recent soar to two-and-a-half week peaks amid ongoing worries over political turmoil in America.
In New York, June delivery gold futures decreased 0.17%, being worth $1,250.78.
The June contract concluded Thursday’s trading session 0.47% lower, hitting $1,252.80 an ounce.
Tracking the US dollar’s value versus six key currencies, the US dollar index slumped 0.15%, trading at 97.62, which is off Thursday’s fresh six-month minimums of 97.28.
A weaker greenback normally backs gold, as it spurs the precious metal's appeal as an alternative asset and also makes greenback-priced commodities more affordable for holders of other currencies.
In addition to this, July delivery silver futures managed to gain 0.31%, showing $16.720 a troy ounce. July delivery copper futures grew 0.14%, being worth $2.535 a pound.
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 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.
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.