The release of crude oil inventories earlier today showed a surprise increase in the number of barrels.
Gold inches down
On Monday, the yellow metal decreased in Asia due to the fact financial markets wait for the result of the next FOMC gathering.
On the Comex exchange, June delivery gold futures slumped by about 0.1% being worth $1,287.05 an ounce.
The major US financial institution is going to conclude its two-day gathering on Wednesday against the backdrop of hopes that interest rates will remain intact. The gathering is coming after official data revealed on Friday that the American economy rallied faster than anticipated in the first quarter.
At this March meeting, the major US bank indicated that it’s going to hold off from lifting rates for the rest of 2019 in the face of expectations for a slower tempo of the economic surge.
Besides this, soft American inflation data published on Friday put pressure on the evergreen buck and was cited as supportive for gold earlier in the day.
Without energy and food, the personal consumption expenditures price index speeded down to about 1.3% for the 12 months through March, in contrast with the previous outcome of 1.8%.
Goldman Sachs told that major US financial institution’s gold buying has also been running strong. Undoubtedly, it appears to be another sign that the yellow metal might get back to the level of $1,300.
China-US trade headlines were still in focus due to the fact America sends a high-level delegation to China this week for another round of negotiations. Some experts are assured that both the leading economies are very close to a long-awaited compromise now. So, they are expected to demonstrate greater flexibility in the upcoming talks in Beijing.
The yellow metal reached the highest levels in 6 years amid the global risk aversion.
The yellow metal could not stay for a long time near the $1,401 level.
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