Gold heads south with focus on Fed minutes

Gold heads south with focus on Fed minutes

On Tuesday, gold tumbled a bit in Asia in light trade with Tokyo markets unavailable and also the focus ahead on the Federal Reserve minutes later this week.

February delivery gold futures dived 0.04% being worth $1,308.80 a troy ounce in New York.

Market watchers are going to closely watch Wednesday’s minutes of the Federal Reserve’s December policy gathering for further clues on the future path of monetary policy.

The previous week on Friday, a weaker greenback underpinned gold, letting this commodity reach a three-month maximum back above the $1,300 level in the final trading day of 2017.

Gold has managed to add 14% for the year, which is the largest yearly percentage revenue since 2010.

Recent weakness in the evergreen buck has underpinned gold prices by simply making the dollar-denominated metal less expensive for holders of other currencies.

The evergreen buck dived to its lowest values for more than three months versus a basket of the other key currencies on Friday and reported its largest annual percentage dive since 2003.


The US Payrolls Bring New Hope for Gold
The US Payrolls Bring New Hope for Gold

The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).

Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

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?

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No More US Debts in Sight
No More US Debts in Sight

The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.

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