
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?
On Friday, gold moderately ascended for the seventh straight session, hitting a fresh one-month maximum of $1296.
In the pre-holiday thin trade, persistent selling pressure around the greenback kept pushing prices for gold to its highest value since late November. Gold also derived benefits from some follow-through technical buying, in particular after closing above 100-day SMA on Wednesday.
The recent dive in the American Treasury bond yields gave support to the non-yielding commodity. Aside from that, recovering safe-haven buying, underpinned by global political uncertainties, also backed the precious metal's recent upsurge.
So far this week gold has rallied 1.5%, and for the year it has risen more than 12%.
In absence of any key market moving economic reports, gold is still on track for the third consecutive week of profits because market participants would prefer to stay passive until the resumption of regular trading after the New Year holiday.
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 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.
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