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 holds revenues as NKorea tensions are eyed
On Tuesday, gold held revenues in Asia because market participants were quite cautious as for tensions on the Korean peninsula.
December delivery gold futures rallied 0.27% reaching $1,315.00.
Overnight, gold went up abruptly because escalating geopolitical tensions on the Korean Peninsula powered safe-haven demand after North Korean Foreign minister Ri Yong Ho shockingly announced that Pyongyang boasts the right to shoot down American bombers.
The firm start to the trading week for the number one precious commodity comes after gold dipped to a second-straight weekly minimum the previous week as market participants unwound some of their bullish bets on this commodity.
Apparently, net bullish bets on gold inched down to 236,100.
Demand for gold could be pressured during the week because a flurry of Fed speakers are expected to deliver speeches including Fed Chair Janet Yellen on Tuesday.
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 United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
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.